CAKE Looks Promising: Could it Reach $4 Mark this Month?

After a long consolidation, the CAKE token escaped out of range and surged over 25% this week, revealing buyers’ accumulation.

The PancakeSwap (CAKE) token price picked up steam and surged over 25% this week. For weeks, CAKE was seen hovering in a range and did not showcase any impulsive move.

Now, the token has defied the selloff and gotten rid of the consolidation movements. The price action highlights a bullish crossover, and the token is seen crossed above the key moving averages.

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Meanwhile, the sellers looked trapped, and buyers looked confident, which highlights further probability of a rise toward the Fib level of 50% near the $3.80 mark.

At press time, PancakeSwap token (CAKE) trades at $3.19 with an intraday gain of 2.70%, reflecting a chart breakout. It has a monthly return ratio of 19.30% and 94.30% yearly.

The pair of CAKE/BTC is at 0.0000450 BTC, and the market cap is $5.42 Billion. Analysts are neutral and suggest that the CAKE price might stretch the bullish wave and will reach the upside mark of $4 soon.

CAKE Looks Promising: Could it Reach $4 Mark this Month?

After a long consolidation, the CAKE token escaped out of range and surged over 23% this week, highlighting buyers’ accumulation in the token.

A break and close above the $3.70 mark would lead to a sharp, impulsive move toward the $4.50 mark in the next sessions.

Following the rebound from the bottom, investors have shown their interest, and a significant surge in trading volume of over 23% was noted in the last 24 hrs.

According to Santiment, key metrics turned bullish, and the RSI curve soared to the overbought zone and witnessed a positive crossover.

In a tweet by @PancakeSwap v4, the CAKE token witnessed an impressive surge in the monthly trading volume by over 176% to $1.19 Billion. This achievement is only possible because of its community efforts and dedication to its work.

Our Base PancakeSwap trading volume, including v2 & v3, has seen an incredible leap, jumping from $467M to $1.19B in just one month—a massive increase of $727M and a new monthly all-time high! This achievement wouldn’t have been possible without our amazing community. Thank you… pic.twitter.com/N3BeJjYy4J

Analyst @World of Charts mentioned in his tweet that the CAKE token has made a bullish pennant formation and might surge up to 2x soon.

$CakeForming Text Book Bullish Pennant Expecting Massive Breakout Soon Successful Breakout Can Lead 2x Bullish Wave

#Crypto #Cake pic.twitter.com/4FGVW8ow0p

Social Dominance and Total Amount of Holders Outlook

This week, the social dominance value spiked by over 19% and reached 0.861%, showcasing an impressive spike in investor discussion activity on social media platforms.

Sharp Surge in Transaction Count Data

In the last trading session, the transaction count sharply spiked by over 43% to 34.8K and then dropped to 16.7k, showcasing a massive increment in the transaction count this week.

Moreover, the active addresses data significantly pumped over 12% to 23.9k, witnessing a surge in investor interest.

The immediate support levels for the CAKE token are $3.0 and $2.70, whereas the key upside hurdle is around $3.60, followed by $4.