current trajectory? While the milestone underscores healthy demand for the network, this may not necessarily translate into strong demand for PancakeSwap’s native token.
CAKE’s value has been declining since 9 February. In fact, it has so far tanked by 21% to its $3.72 press time price. As a result, it has given up roughly half of the gains it achieved since the start of 2023.So far the price has demonstrated some bearish weakness over the last few days during which it struggled to push down further. Its money flow indicator, at press time, was in oversold territory, one where outflows have notably slowed down.
In fact, the price seemed to be approaching a key support zone between the $3.61 and $3.63-price range.Some of PancakeSwap’s on-chain metrics revealed some interesting observations that may influence the next price move. The weighted sentiment metric, for instance, recorded an overall uptick in the last 7 days, confirming that investors have been switching to a bullish bias.Weekly volume is down slightly on average, confirming that the bearish trend is losing momentum.
Most of the top whales have been trimming their balances over the last 4 weeks. However, the same metric also recorded flatlined buying or selling activity.over the last few days. Perhaps, this is an indication that the bears are exhausted. The common expectation is that bulls would swoop in and trigger some relief. The prevailing market FUD and concern among investors might be the reason why this has not happened. Not yet, anyways.Subscribe to get it daily in your inbox.