PancakeSwap Price Prediction: Will CAKE Price Hit $10 in 2023?

  • Bullish PancakeSwap (CAKE) price prediction ranges from $3.221 to $7.
  • Analysis suggests that the CAKE price might reach above $10 soon.
  • CAKE’s bearish market price prediction for 2023 is $3.21.

Aside from Bitcoin (BTC) and Ethereum (ETH), there are other digital currencies worth considering for people looking to diversify their portfolios and get experience with new cryptocurrencies. PancakeSwap (CAKE) is one of them.

PancakeSwap (CAKE) is the most popular decentralized exchange on the BNB Chain. PancakeSwap allows you to trade directly from your wallet without using a centralized exchange. On this exchange, you can swap BEP-20 tokens, stake CAKE in Syrup Pools, lend and offer liquidity on the automated market maker (AMM), participate in IFOs (Initial Farm Offerings), engage in perpetual trading, and buy or sell NFTs via the NFT Marketplace.

If you are interested in the future of CAKE and want to know its predicted value for 2023, 2024, 2025, and 2030, keep reading!

Table of contents

PancakeSwap (CAKE) Market Overview

What Is PancakeSwap (CAKE)?

PancakeSwap is a decentralized finance application that allows users to trade tokens while generating liquidity through farming and earning fees. It is a decentralized exchange for trading BEP20 tokens on Binance Smart Chain. PancakeSwap utilizes an automated market maker concept in which customers trade against a liquidity pool. These pools are populated by users who deposit funds into the pool in exchange for liquidity provider (LP) tokens.

PancakeSwap also allows users to farm extra tokens such as CAKE and SYRUP. Users can deposit LP tokens on the farm and receive CAKE as a reward. PancakeSwap enables users to trade BEP20 tokens, providing liquidity to the exchange and earning fees, staking LP tokens to create CAKE, staking CAKE to make more CAKE, and staking CAKE to acquire tokens from other projects.

PancakeSwap operates on an automated market maker approach, which means there are no order books, and relies on liquidity pools instead. Users can farm LP tokens and stake their CAKE to win rewards by adding their tokens to the liquidity pool. They can also gamble using lotteries and non-fungible tokens.

On PancakeSwap, users can use CAKE to enter a lottery. Each lottery session has a six-hour duration. A single ticket costs 10 CAKE and contains a random combination of four numbers ranging from 1 to 14; like the jackpot, which is equivalent to 50% of the total lottery pool, the numbers on your ticket must match all four winning numbers.

Users can also earn non-fungible tokens, which they can exchange for CAKE or keep in their wallet. PancakeSwap can be safely held in wallets linked to the Binance Smart Chain. MetaMask, TrustWallet, TokenPocket, and WalletConnect are among them.

Analysts Views on PancakeSwap (CAKE)

According to the analysis of the crypto analyst, the price of $CAKE has encountered a decline and encountered an order block at the previously identified level of 4.109.

Also a tweet mentioning many tokens of CAKES are being burnt, hoping a bullish momentum ahead for CAKE.

PancakeSwap (CAKE) Current Market Status

According to CoinMarketCap, Pancake Swap (CAKE) is hovering at $3.94 at the time of writing, with a total of 166,375,370 CAKE in circulation. CAKE has a 24-hour trading volume of $71,385,387, with a 124% increase. And during 24 hours, the price of CAKE decreased by 5.55%. 

The most popular exchanges to trade Pancake Swap (CAKE) are Binance, BTCEX, ByBit, BingX, and MEXC. Let’s continue with our CAKE price research for 2023.

PancakeSwap (CAKE) Price Analysis 2023

Currently, CAKE ranks 67th on CoinMarketCap’s list of the biggest cryptocurrencies by market capitalization. Will CAKE’s most recent improvements, additions, and modifications help its price rise? First, let’s focus on the charts in this article’s CAKE price forecast.

PancakeSwap (CAKE) Price Analysis – Keltner Channel

When volatility bands are positioned on either side of an asset’s price, it is possible to determine the direction of a trend with the help of the Keltner Channel. The price of Pancake Swap (CAKE) can be predicted using the Keltner Channel indications for CAKE/USDT. The price is in the second half of the channel, meaning that people are selling CAKE rather than buying. Even after establishing a new trend, it is often smart to wait for a downturn or a better entry point to improve the reward-to-risk ratio.

PancakeSwap (CAKE) Price Analysis – Relative Strength Index

In technical analysis, the relative strength index (RSI) is a momentum indicator. The RSI examines the speed and amplitude of a security’s recent price swings to determine if it is overvalued or undervalued. The RSI value of the 1-Hour chart is 27.62. RSI below 50 indicates that people are selling Pancake Swap, hoping it will break out of the current turbulence and go bearish.

PancakeSwap (CAKE) Price Analysis – Moving Average

Above is an hourly chart of Pancake Swap (CAKE) 200-day and 50-day Moving Averages (MAs). Looking at the chart above, CAKE is in a bear trend. The CAKE 50-day MA is below the 200-day MA (long-term), indicating that the market is entirely bearish.

However, the distance between the two moving averages is wide. Since the candlesticks are below 200-day MA, we can observe that the selling pressure is still going on and unable to reverse the trend.

PancakeSwap (CAKE) Price Prediction 2023

By looking at the daily chart of CAKE/USDT, the CAKE price was swinging from $5.845 to $3.127 after going to its lowest point at $3.127. Bouncing back from the support level, CAKE is fluctuating near the 200-day moving average. We can expect the market to rise above the high from the 200-day moving average and rise toward the primary resistance.

Meanwhile, our long-term CAKE price prediction for 2023 is bullish since it cannot break the support level. We can expect CAKE to reach $5.514 this year. 

PancakeSwap (CAKE) Price Prediction – Resistance and Support Levels

The chart above shows that the price of CAKE has increased in the past few months.

Moreover, the price of CAKE has been down by 5.62% in the past 24 hours after a slight increase during the week. If this continues, CAKE might keep running bulls, breaking its current resistance level and eventually moving higher to $5.219.

If CAKE cannot break the $4.509 EMA-200 level, the bears may seize control and dethrone CAKE to a downtrend stance. In simple terms, the price of CAKE might fall to almost $3.211, indicating a negative signal from the previous support level.

PancakeSwap (CAKE) Price Prediction 2024

The cryptocurrency market is known to repeat history, and most cryptocurrencies follow the Bitcoin trend. With 2024 as the year of the Bitcoin halving, there will be many sentiments toward the market, which is always bullish. We can expect the price of Pancake Swap (CAKE) to react positively to the news and trade at around $6 by the end of 2024.

PancakeSwap (CAKE) Price Prediction 2025

The effect of any Bitcoin correction is experienced in the following year from recent history. If CAKE ends in 2024 for $12 or more, we can expect the price of CAKE to grow in 2025. This could make CAKE trade at $17 or more in 2025, considering investors will be bullish.

PancakeSwap (CAKE) Price Prediction 2026

With the rise in cryptocurrency adoption in the mainstream, we can expect a possible market reversal in 2026 to have little impact on the recent gains in the price of CAKE. Hence, Pancake Swap could end in 2026 at around $12.15 or more. 

PancakeSwap (CAKE) Price Prediction 2027

The most bearish market is followed by market consolidation in the next year. If the year 2026 turns out to be bearish for CAKE, we could expect the market to stabilize in 2027 and even trade higher. Hence, it is possible to see CAKE trade at around $19.56 in 2027.

PancakeSwap (CAKE) Price Prediction 2028

Pancake Swap has a high possibility of trading above its 2025 price prediction of $79 in 2028 due to the Bitcoin halving. With the powerful sentiment of investors to buy more cryptocurrencies, a buy pressure could be seen in the market, which will make CAKE trade at around $26.625 in 2028.

PancakeSwap (CAKE) Price Prediction 2029

Since the most impact of a bullish sentiment resulting from Bitcoin halving is mainly experienced in the coming year. We can expect the price of CAKE to break more psychological resistance and trade around $35 by the end of 2029.

PancakeSwap (CAKE) Price Prediction 2030

The impact of cryptocurrency adoption could stabilize the market by 2030, sustaining the bullish gains of the previous years. Hence, we can expect the price of CAKE to trade above $43 by the end of 2030.

PancakeSwap (CAKE) Price Prediction 2040

According to our long-term CAKE price estimate, CAKE prices could reach a new all-time high this year. If the current growth rate continues, we could anticipate an average price of $1.28950 by 2040. If the market becomes bullish, the price of CAKE may increase beyond our 2040 forecast.

PancakeSwap (CAKE) Price Prediction 2050

According to our CAKE forecast, the average price of Pancake Swap in 2050 might be above $228. If more investors are drawn to CAKE between these years, the price of CAKE in 2050 could be far higher than our projection.

Conclusion

As said above, it may reach over $43 if investors have decided that CAKE is a good investment along with mainstream cryptocurrencies.

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