CAKE Technical Analysis: There Is High Selling Pressure
CAKE is a Defi application that allows investors to exchange tokens, while also providing liquidity through the farm and earning fees in return.
It is a relatively new cryptocurrency since it was launched in September 2020. The PancakeSwap platform uses an automated market maker (AMM) where traders trade. Since CAKE is the crypto currency I keep the most in my wallet, I constantly follow it. Let's move on to CAKE technical analysis.
A month ago, on July 2, CAKE was trading at $13.73. As of August 2, 2021, the price is $16.12. In the last 24 hours, CAKE has been trading between $15.59 and $16.67. About 1.10% below the day's opening price. If the decline continues, the price could soon test the $13.32 support level.
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