Back to early 2021, Pancake Swap was one of the most participated DEX. Volume, DAU and TVL growing make $CAKE sky-rocketed to $40.
Then, bear market and DeFi winter came (along with lots of exploit on BSC DeFi protocols) and $CAKE price heavily dumped to the bottom of $3.
In the last 2 months, $CAKE managed to bounce to $4, thanks to the market rally and some new Pancake Swap development. But the weekly candles growing weak, into a reversal pattern.
$CAKE will have to back test $3 level before bounce back higher in 2023.
Entry: $3.1-$3.3
Stoploss: $2.8
Target: $4.5 - $6 - $10 (longterm)
Then, bear market and DeFi winter came (along with lots of exploit on BSC DeFi protocols) and $CAKE price heavily dumped to the bottom of $3.
In the last 2 months, $CAKE managed to bounce to $4, thanks to the market rally and some new Pancake Swap development. But the weekly candles growing weak, into a reversal pattern.
$CAKE will have to back test $3 level before bounce back higher in 2023.
Entry: $3.1-$3.3
Stoploss: $2.8
Target: $4.5 - $6 - $10 (longterm)
Comment:
Price maybe fluctuate, but the projection is still there. We held a bag at $3.4 and buy more if $CAKE ever hit $3
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