PancakeSwap surges 40% as weekly turnover hits $19 million

28-04-2025
42

PancakeSwap surges 40% as weekly turnover hits $19 million

PancakeSwap (CAKE) has posted an impressive 40% gain in the past 24 hours, with weekly turnover hitting $19 million, behind only major platforms like Tether, Circle, and Jupiter. CAKE’s price rally comes amid technical signals that point to further upside potential.

RSI hits highest level since 2023
CAKE’s relative strength index (RSI) has risen to 89.6, its highest level since November 2023, up from just 25.1 a week ago. This sharp increase reflects significant buying pressure, pushing the momentum indicator into overbought territory.

RSI is an oscillator that ranges from 0 to 100, with readings above 70 generally considered overbought and readings below 30 oversold. With the current RSI reading at 89.6, CAKE is in overbought territory, raising the possibility of a short-term correction as traders may take profits. However, in strong uptrends, the asset can remain in this state for a long time before making a significant correction.

Ichimoku Cloud Confirms Strong Uptrend
The technical chart shows that CAKE has crossed above the Ichimoku Cloud, a key signal signaling a strong uptrend shift. The Tenkan-sen line (blue line) has crossed above the Kijun-sen line (red line), creating a classic bullish signal.

In addition, the futures cloud has turned green, reflecting positive market sentiment. However, the current price is far from the Tenkan-sen support line, suggesting a short-term correction or consolidation before the uptrend resumes.

CAKE could soon surpass $3

CAKE’s exponential moving averages (EMAs) are approaching a golden cross, signaling a potential move to a long-term uptrend. If this happens, CAKE could test the $2.65 resistance level. A successful breakout above this level would open the door to further targets at $2.95 and $3.41.

Conversely, if the bullish momentum weakens, CAKE could revisit the $2.33 support level. If this level is broken, selling pressure could increase, pushing the price to lower levels at $1.85 and $1.38.

Market Outlook
PancakeSwap continues to maintain its position as the leading decentralized exchange (DEX) on the BNB chain. With impressive weekly returns and growing interest from the community, the outlook for CAKE remains positive. Investors will be closely monitoring technical indicators to determine CAKE’s next move in the coming days.