PancakeSwap Price Forecast: CAKE gains traction with more than $4 billion locked inside

• PancakeSwap price aims for a recovery above $20 in the near future.
• The decentralized exchange holds over $4 billion in liquidity.
• Only one key resistance level separates CAKE from new all-time highs.

PancakeSwap has finally beaten Uniswap in terms of total value locked, reaching $4 billion in the past 24 hours. The decentralized exchange has quickly exploded in popularity due to the significant increase in gas fees on the Ethereum blockchain.  

PancakeSwap price on the brink of a 71% breakout

On the 4-hour chart, CAKE has established a symmetrical triangle pattern with a resistance trendline formed at $13. A breakout above this key level will drive PancakeSwap price towards $21.7, a 71% move above the previous all-time high of $21.45.  

Considering how close to the upper boundary CAKE is, a breakout seems more likely. Additionally, TokenPocket has just announced a partnership with PancakeSwap. Users can stake CAKE to earn TPT or stake TPT or TPT-BUSD to earn cake.

PancakeSwap is also holding an IFO (Initial Farming Offering) for YieldWatch, a platform that helps users keep track of their DeFi farming platforms.  

On the other hand, rejection from this level will force CAKE down to the lower boundary of the pattern at $9. A breakdown below this level will also drive the digital asset by 71% towards $2.6.