Sweet CAKE Returns or Time to Lap up New Launchpad XYZ Coin?

The Automated Market Maker (AMM) coin, PancakeSwap (CAKE), is trading down today, August 7, amid the market-wide downturn.

After a failed attempt to reach $2 in the last 30 days, PancakeSwap (CAKE) is trading with steep volatility, raising fears of retracement below $1. But will CAKE recover and soar? The following price analysis could provide hints. 

PancakeSwap (CAKE) Trades Few Pips Below Short-Term Moving Average – Is The Return Near?

PancakeSwap (CAKE) has plunged in the last 24 hours today after gaining 1.2% over the past month. The coin was trading at $1.50 with a 0.14% dip as of 6:54 am EST. 

On the other hand, its 24-hour trading volume is up by 29%, recording over $18 million. Despite CAKE’s price dip, its trading volume today hints at the potential for a rally before the day ends.

Moreover, investors hope launching the reward-conscious zkSync Era on PancakeSwap’s DeFi app could trigger a bullish rebound as more people engage through CAKE.

🎯Expand your crypto journey with zkSync Era.💫

Each $1 swapped or liquidity provided earns you 1 point in the Galxe treasure hunt! 👉https://t.co/D91pWjtnRu https://t.co/rYTzRGzW9y

— PancakeSwap🥞Ev3ryone’s Favourite D3X (@PancakeSwap) August 7, 2023

PancakeSwap Daily Chart

The chart above shows the asset’s downtrend has been interrupted, as the bulls form a green candle stick after five consecutive red candlesticks. The candle green stick formation between the middle and lower Bollinger Bands indicates a potential reversal or bounce in CAKE’s price trend.

Also, the coin’s Moving Average Convergence/Divergence (MACD) is below the signal line with a faded red histogram bar, suggesting the bears are losing momentum. This observation corresponds with the RSI signal.

The asset’s Relative Strength Index (RSI) is at 47, moving upward, suggesting a potential shift in momentum as more buyers join the market. Furthermore, the RSI value of 47.42 indicates moderate strength, neither strongly bullish nor bearish. 

If the bulls continue to mount pressure, CAKE’s RSI might rise above 50, empowering the token for an upside rebound in the next few hours. Otherwise, the bearish trend may restart.

CAKE Meets Resistance a Few Pips Above Its Price: Which Is Next – Breakout or Breakdown?

Trading at $1.50, Pancake (CAKE) encountered stiff resistance at $1.501 with support at $1.483. The bulls might find more strength if the token’s price successfully moves above the $1.501 resistance level, potentially triggering a bullish breakout. 

However, if the price fails to surpass the $1.501 level, the bears may grow more robust, facilitating more downturns.

But if CAKE remains in the middle Bollinger Band, it could continue a sideways movement, trading within the range defined by the resistance at $1.501 and the support at $1.483. This sideways movement indicates uncertainty in the market, and traders would eventually recede and wait for a clear direction before making further moves.

Irrespective of this current market condition, a rebound may occur if the price of CAKE drops to the $1.483 support level.

While the market signals potential recovery for CAKE in the coming days, this new all-in-one web3 hub, Launchpad XYZ, is selling out swiftly.

Over $1.2 Million Raised in $LPX Presale – Time to Lap up New Launchpad Coin

The new Launchpad XYZ coin, $LPX, has just hit over $1.2 million in its ongoing presale fundraising campaign, demonstrating massive investor interest. 

LPX is selling for $0.0445 and will increase in the next few days. By the time of listing, the tokens will reach $0.0565, an increase of 27%.

As a revolutionary web3 hub, Launchpad XYZ serves as an all-inclusive Web3 analytics platform for traders. It aims to help crypto traders find the following high-rewarding assets, like $PEPE, with custom-built tools to identify projects with promising futures.

At #LaunchpadXYZ, we believe #Web3 is more than just a trend—it’s the next evolution of the internet 🙌

Are you ready for your first step?

👉https://t.co/ZUZaIKgy84
#LaunchpadXYZ #Crypto #Web3 #Blockchain pic.twitter.com/a6UGtnJEro

— Launchpad.xyz (@launchpadlpx) August 7, 2023

Through its low-priced presale tokens, LPX promised exponential gains for early investors. Launchpad XYZ also allows its users to receive tokens from new projects when they stake their LPX tokens.

Besides these, the project’s ability to provide data on everything ranging from trending metaverses and NFTS to crypto games makes it stand out from all 2023 crypto presales. Considering its revolutionary features and solutions in the cryptocurrency section, Launchpad XYZ (LPX) could become the next big investment option to consider.

While the presale is ongoing, those interested can ape in today with their BNB, USDT, ETH, or card to be among the top gainers when the project finally lists on exchanges.

Also Read: