Pancakeswap is up almost 10% today

The cryptocurrency market is currently experiencing mixed development across the board.

The broader cryptocurrency market has seen mixed performance over the past 24 hours. The total market cap for cryptocurrencies remains above $1.9 trillion even though their value is increasing by less than 1%.

Bitcoin is up less than 1% in the last 24 hours and is currently trading above $41,000 per coin. Ether is holding its price above $3,000 despite losing less than 1% of its value so far today.

However, CAKE, the native token of decentralized exchange Pancakeswap, is the best performer among the top 50 cryptocurrencies by market cap. CAKE is up more than 8% in the last 24 hours, outperforming the other top coins and tokens over this period.

The key catalyst behind CAKE's continued positive development is the completion of the Masterchef V2 migration. The Pancakeswap team announced a few hours ago that the migration to V2 is now complete.

Pancakeswap informed its community members that they need to migrate their farms and stakes pools to the new MasterChef in order to continue earning stake rewards.

The CAKE/USDT 4-hour chart is currently bullish on the continued positive performance of Pancakeswap. The technical indicators show that CAKE is currently outperforming the other major cryptocurrencies.

The MACD line is in positive territory, indicating bullish momentum. The 14-day relative strength index of 72 shows that CAKE is about to enter the overbought zone.

At the time of writing, CAKE is trading at $9.28 per token. If the bullish momentum holds, CAKE could reach $9.87 before the end of the day, breaching the first major resistance level in the process.

In the event of an extended rally, CAKE will trade above $10 for the first time since January 2022.

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