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That's why Pancakeswap is up 8% today

 


Pancakeswap is one of the best performers in the cryptocurrency market today.


The broader cryptocurrency market is slowly starting the week. The total cryptocurrency market cap is down 0.08% so far today. However, the total market cap remains above $2.1 trillion.


Bitcoin continues to trade above $46,000 per coin, indicating that it is struggling to approach the $50,000 psychological level. Ether traded above $3,500 and is up less than 1% today.


However, CAKE, the native token of decentralized exchange Pancakeswap, is up nearly 9% today, making it the best performer among the top 50 cryptocurrencies by market cap.


At the time of writing, CAKE is trading at $9.76 per coin. The rally comes after the Pancakeswap team announced the launch of their Mobox trade fight earlier today . In the Mobox Trading Battle, participants will win up to $80,000 in tokens and non-fungible tokens (NFTs).


Important levels at a glance

The 4-hour chart of CAKE/USDT is currently bullish as the cryptocurrency has performed well over the past 24 hours. The technical indicators show that it is outperforming the other major coins and tokens at the moment.


The MACD line is above the neutral zone, indicating strong upside momentum. The 14-day relative strength index of 76 shows that CAKE is closer to the overbought territory. It could enter overbought territory soon if positive momentum holds.




CAKE could surpass the first major resistance level at $11.47 before the end of the day if the rally continues. However, the second major resistance level at $13.80 should limit further upside in the short-term.


The bears have not completely relinquished control and CAKE could sink below USD 9 if bearish sentiment in the broader market persists. However, CAKE should comfortably defend its position above the $8.07 support level.


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