The CAKE token, the native coin of the decentralized exchange PancakeSwap, is showing the best growth in the market today, despite the sluggish dynamics of most assets.
Over the past 24 hours, $CAKE added a modest 3%, but this was enough to surpass giants like $BTC and $ETH , both of which declined by about 1%. Technical indicators suggest that the growth may continue, as it is backed by real interest from traders.
Volumes are rising, CAKE maintains its pace
Against the backdrop of a general lull over the past week, CAKE remains in the green. The token is currently trading at $2.48 and has already risen by 9% since May 31.
Today the growth continues, along with the price, the trading volume has also soared sharply. Over the past 24 hours, it has increased by 88%, indicating heightened investor interest and demand for this asset.
Simultaneous growth in price and volumes usually indicates strong interest from buyers. This may mean that the trend is just gaining momentum.
The BBTrend indicator provides additional support for the bullish scenario. Currently, its value on the daily chart is 12.76, and it has consistently shown green bars since May 9.
The BBTrend indicator shows how much the market is under pressure. If red bars appear on the chart, it means the price is holding at the lower Bollinger Bands, and sellers are stronger in the market. This usually hints at a possible decline.
But in the case of CAKE, it is the opposite. Currently, BBTrend shows a positive value of 12.76. This indicates a strong upward momentum. Such a signal usually points to a sustained trend and increasing buying pressure. This confirms that the current rally may not be over yet.
The growth continues, but will CAKE hold above $2.81?
Another positive signal for CAKE is the rising relative strength index (RSI). At the time of writing, its value is 54.75 and it continues to move upward.
RSI shows whether the asset is overbought or oversold. Values above 70 indicate a possible correction, while values below 30 indicate a pullback, after which growth may be possible.
CAKE is gradually gaining volume, which could push the price higher. If interest in the token remains, the next target could be the $2.81 mark.
But if demand falls, the token risks breaking the support level at $2.41 and returning to the zone around $2.25.
