PancakeSwap is a decentralized exchange (DEX). If Uniswap is famous in the Ethereum network and PancakeSwap is the best DEX in the Binance Smart Chain (BSC) network.
Today, PancakeSwap is very popular among investors as a place to sell and buy Memecoin or Shitcoin that grows like a mushroom.
Launched on September 20, 2020, PancakeSwap is a decentralized exchange of BEP-20 tokens featuring the use of an automated market maker (AMM) model.
PancakeSwap also offers fast transactions at a low cost if you want to compare with Defi projects developed in Ethereum, in fact it can be said that PancakeSwap has managed to compete with SushiSwap and Uniswap which are popular in the Ethereum network.
CAKE is the ‘native token’ for this Pancakeswap exchange.
If you look at the CAKE/USDT price movement chart, the CAKE price seems to be still hovering and moving slowly in the SBR (support become resistance) zone around the $ 18 price after jumping from the $ 10 support level on May 24.
If the price movement returns violently in making the rise, the next SBR level around the price of $ 26- $ 28 will be the focus level for investors to test before making a higher jump.
The higher upside is expected to head to the SBR level of $ 36 and will record a clear uptrend to test the all -time high (ATH) level of $ 44 that was recorded at the end of April trading.
But if the CAKE price movement returns to show a bearish pattern, the previously reached $ 10 support level will be tested again before signaling whether the zone is able to support a more drastic price spike again.
On the other hand if the decline continues beyond the $ 10 support level, it is likely that the latest low of CAKE/USDT for 2021 trading will be created.
As of 10.30am local time, the price of CAKE is slightly down by 0.70% to trade at a price level of around $ 17.
