Pancakewap (cake) before breakout: relaxation after three months of decline?

Cake is currently showing an upward trend while it approaches a critical level of resistance. After months of falling courses, an outbreak over the downward trend line that Cake has restricted since mid -February seems increasingly likely.

The graphic illustrates a downward trend line that results from a series of lower highs. This line, which is currently near the $ 2.05 mark, has regularly blocked bullish attempts in the past three months. However, recent course developments show that Cake consolidates itself just below this resistance. At the same time, increasing lows indicate increasing buying pressure. A clear outbreak over the 2.05 US dollar mark would overturn the downward trend and could lead to an increase towards $ 3 in the coming weeks.

Strong fundamental data

The fundamental data also supports an optimistic outlook. Pancakewap remains the largest decentralized stock exchange on BNB Chain. The built-in token-burn mechanism continuously reduces the circulating range of Cake. If the mood on the Altcoin market continues to recover, Cake could attract more attention from dealers.

Currently becomes CAKE traded around $ 2.00, within the outbreak area. A decisive increase over this price would mark an outbreak from its multi -month descending triangle, a technical pattern that often announces price increases. Important indicators to confirm a sustainable movement in the range of $ 2.50 to $ 3.00 in the second quarter are the volume and the renewed test of the former resistance as support.

Cake-Meetup causes a stir in Mumbai

While Cake gets closer to an outbreak, the PancakeWap team awakens enthusiasm in the community with its first meetup in India. The tour starts in Mumbai and is planned for May 31. The event promises a celebration of the defi movement, community formation and everything that makes Pancakeswap one of the most popular platforms in Web3.

The venue is the Lumos Cowork in Andheri East, admission is free. News in the defi area as well as experienced users can find exciting, from the introductory “Defi 101” session to insights into the product roadmap from Pancakewap. Participants expect exclusive merchandising articles, exciting activities and the chance of gaining prices.

India is considered one of the fastest growing markets for crypto acceptance. Pancakeswap chooses Mumbai as the starting point for his offline presence, since it underlines the importance of the country for the future of the stock exchange. While the global presence of Defi is increasing, events like these local communities strengthen and promote commitment.

With cake, which may be faced with an outbreak, and pancake waps reinforced engagement in India, the basis for an exciting second quarter is laid.

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