PancakeSwap's CAKE Price Surges to 2023 High at $3.58
PancakeSwap's CAKE price has surged, breaking through a crucial resistance level at $3 and reaching an intraday high of $3.58, its best performance this year. The rally follows the launch of 'Fee-Earning Limit Orders' and a boost in sentiment from Binance Coin's (BNB) new all-time high.
The bullish momentum began with a retest of the ascending trendline support near $2.50, pushing the price to break through the previous swing high and psychological resistance at $3. The breakout was accompanied by strong trading volume, indicating a robust trend.
Looking ahead, a retest of the breakout level around $3.10 would be ideal for bulls. However, a deeper pullback into the $2.80-$2.90 zone could still be considered a healthy retest for continued bullish momentum. Long-term traders keep an eye on key resistance or support levels, often defined by previous highs, volume clusters, or moving averages, along with indicators like the 50-day or 200-day moving averages, RSI, and trading volume to gauge trend strength.
PancakeSwap's CAKE price has made significant gains, breaking through key resistance levels and reaching new highs this year. The recent launch of 'Fee-Earning Limit Orders' and positive sentiment from BNB's all-time high have contributed to this bullish trend. While a retest of the breakout level is possible, a deeper pullback into the $2.80-$2.90 zone would not deter bullish continuation.
