$CAKE $
PancakeSwap's CAKE token has experienced a significant bullish surge in intraday trading.
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The token's price has risen by over 37% in the past 24 hours, reaching approximately $2.49. This surge is attributed to Binance's decision to delist Tether (USDT), leading users to shift their holdings to Pancake swap, which processed over $346 million in USDT volume recently. Additionally, a resurgence in meme coins on the Binance Smart Chain has contributed to increased trading activity on the platform. Technical indicators, such as a breakout from a falling wedge pattern and a bullish MACD crossover, suggest sustained upward momentum. Immediate resistance is identified around $2.9252, with potential targets in the $3.00โ$3.20 range. Traders should monitor these levels closely and implement appropriate risk management strategies.
