As with almost all major cryptocurrencies, the CAKE price took a tumble after reaching all time highs in early May. The PancakeSwap price declined from a high of $40 on 2 May to a low of $11.73 on June 21. This represents a jaw dropping 70% decline from the previous high but the last couple of days have been quite positive for CAKE as it looks to reverse the negative trend.
The CAKE price is currently moving between the $12.28 mark reached on July 4 to the $15 level at present. This represents a 20% rise over 48 hours which bodes well for a bullish scenario. Recent announcements with regards to the listing of the DEFC coin have undoubtedly bolstered the PancakeSwap price potential. As a DeFi exchange with considerable potential, CAKE should start seeing some considerable reversals even in the short term.
Short Term CAKE Price Forecast: Further Bullish Potential?
Having increased by around 20% over the past 24 hours, the CAKE price appears to be poised for further bullish sentiment. It has been on a consistent rise since the June 21 crash and appears to be well supported at the $12 and $14 levels. The next level of resistance would be the $16.50 level which represents a 50% jump from the June 21 low.
If the $15 level holds, CAKE should then start a charge to the abovementioned $16.50 level where it will then prepare a charge to the $20 mark. This level has not been seen since 3 June when the price was hovering around the $21 level. Of course, a drop below the $14 level with invalidate this bullish thesis and the low of $11.73 could be tested again.
CAKE Long Term Prediction: Extremely Bullish For End Of Year
Although the CAKE price too a considerable hammering over the past weeks, long term predictions are extremely bullish. Walletinvestor is predicting that the CAKE price will rise to a considerable $51 by the end of 2021. That would represent another all time high for PancakeSwap although considerable bullish sentiment would need to prevail in the market for that to happen.
WI is even more bullish over a 5-year period with the price of CAKE expected to reach the 207 level in 5 years’ time. Again, this would have to occur against a background of hugely improved market sentiment and a large number of other factors. However, with the explosive growth of DeFi, this price could be a distinct possibility.
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Gerald Fenech
