CAKE Price Breaks Out of Symmetrical Triangle Pattern, Surging 11.20%

PancakeSwap has announced its 4th-gen DEX, rebranded as PancakeSwap Infinity. This upgrade introduces multiple pool types, hook-compatible smart modules, and also

PancakeSwap Infinity rebranding fuels bullish sentiment and volume surge. Traders set sights on Resistance at $2.95, $3.15, and Support at $2.45.

The crypto market is known for its rapid shifts in momentum, and traders are always on the lookout for new trends and anomalies. In a surprising turn of events, PancakeSwap (CAKE) has seen a stellar price surge of 11.20% in a day.

This makes it the top gainer on Thursday, July 13, at the time of press. The price movements have sparked anticipation among traders who are keen to capitalize on the bullish potential of CAKE.

Furthermore, it is the native token of the renowned decentralized exchange (DEX), PancakeSwap, which recently unveiled its highly anticipated 4th-gen DEX, now rebranded as PancakeSwap Infinity.

This groundbreaking upgrade introduces an array of new features, including multiple pool types, hook-compatible smart modules, and also capital-efficient single-slot liquidity.

With promises of lower trading fees and multi-chain support, the innovation has triggered a wave of optimism, especially surrounding the BNB Chain and CAKE.

Talking about the price trends, it is clear that traders are bullish on CAKE. In the short-term, traders should be aware of the immediate resistance at $2.75, followed by another at $2.95.

If the price can break through these levels, it could continue to rise and hit the next resistance zone at $3.15. On the other hand, if the price pulls back from the resistance at $2.75, it could find support at $2.45.

As the price of CAKE continues to rise, it will be interesting to see how far it can go before it encounters any significant resistance.

The breakout candle has also managed to pierce through the 9-day SMA. A sustained move above the SMA could serve as a technical indicator for the continuation of the bullish trend.

Those who prefer to trade on shorter timeframes may want to set their bench mark on the 1-D PancakeSwap price chart.

Those who are feeling particularly bullish could set their ultimate price target at $3.50, which is the high from the recent swing high. For those who are more risk-averse, they could set their take profit at $3.15, which is the level at which the price is likely to encounter some resistance.

Ultimately, the best price target for traders to use will depend on their own individual trading style and risk tolerance. However, the price of 1 PancakeSwap (CAKE) token at the time of press is $2.67.