The cryptocurrency market is presently experiencing a combined efficiency throughout the board.
The broader cryptocurrency market has been experiencing a combined efficiency over the past 24 hours. The full cryptocurrency market cap stays above $1.9 trillion regardless of including lower than 1% to its worth.
Bitcoin is up by lower than 1% within the final 24 hours and presently trades above $41k per coin. Ether maintains its worth above $3,000 regardless of shedding lower than 1% of its worth to this point at the moment.
Nevertheless, CAKE, the native token of the Pancakeswap decentralised trade, is one of the best performer amongst the highest 50 cryptocurrencies by market cap. CAKE is up by greater than 8% within the final 24 hours, outperforming the opposite prime cash and tokens throughout that interval.
The main catalyst behind CAKE’s ongoing optimistic efficiency is the completion of its Masterchef V2 migration. The Pancakeswap workforce announced a number of hours in the past that the migration to V2 is now full.
Pancakeswap knowledgeable its neighborhood members that they might want to migrate their farms and swimming pools staking to the brand new MasterChef to maintain incomes staking rewards.
Key ranges to observe
The CAKE/USDT 4-hour chart is presently bullish, because of Pancakeswap’s ongoing optimistic efficiency. The technical indicators present that CAKE is outperforming the opposite main cryptocurrencies for the time being.
The MACD line is inside the optimistic area, indicating bullish momentum. The 14-day relative power index of 72 reveals that CAKE is near getting into the overbought zone.
At press time, CAKE is buying and selling at $9.28 per token. If the bullish momentum continues, it may hit the $9.87 mark earlier than the top of the day, surpassing the primary main resistance stage within the course of.
Within the occasion of an prolonged rally, CAKE will commerce above $10 for the primary time since January 2022.