• Is PancakeSwap (CAKE) a good buy at its current price?

  • This trading week, the cryptocurrency market is advancing; Bitcoin has stabilized above $60000, Ethereum is trading very close to $4000 resistance, and this situation supports the price of PancakeSwap CAKE/USD. This cryptocurrency’s price has risen from $16.8 to $24 in a matter of days, with the current price standing at $20.

    Platform that is decentralized

    PancakeSwap is a decentralized platform powered by Binance Smart Chain that allows you to trade any token by connecting your wallet. When you trade, PancakeSwap does not hold your funds and has lower transaction costs than other top decentralized exchanges.

    When you trade on PancakeSwap, you have complete control over your cryptocurrency, which is not the case with centralized exchanges like Binance or Coinbase. It is worth noting that nearly 3 million users have completed over forty million trades on this decentralized platform in the last thirty days.

    CAKE is the token that powers the PancakeSwap ecosystem, and CAKE holders can earn millions of USD in free tokens from major projects each week. You can pledge your CAKE to provide liquidity for cryptocurrency trading, whereas PancakeSwap lets you trade directly from your wallet app.

    Aside from that, you can use CAKE to vote on proposals, mint NFTs, and join up to 11,000 daily players to purchase PancakeSwap Lottery tickets. PancakeSwap is constantly developing new features and options that are critical to the growth of its ecosystem. PancakeSwap’s team reported:

    We launched the site’s new, mobile-first navigation system. It’s now much easier to navigate the site and find what you’re looking for…, especially for mobile users.

    PancakeSwap is a promising project; the popularity of this decentralized platform is growing around the world, and more and more exchanges are listing CAKE cryptocurrency. This coin’s liquidity has increased dramatically; CAKE has advanced above $24 this Thursday, while the current price is $20.

    If the current trend continues, the price of this cryptocurrency could easily rise above the $25 resistance level; however, if you decide to trade PancakeSwap (CAKE) in the coming days, you should use a “stop-loss” order because the risk remains high.

    $25 represents significant opposition.

    PancakeSwap (CAKE) is trading above $20 on Saturday, and if you decide to buy this cryptocurrency in October 2021, keep in mind that the price may fall from current levels.

    If the price rises above the $25 resistance level, it will be a signal to trade CAKE, with the next price target likely to be around $30. If the price falls below the $15 support level, it would be a strong “sell” signal and possibly a trend reversal sign.

    Summary

    PancakeSwap is a low-cost decentralized platform that allows you to trade any token by simply connecting your wallet. PancakeSwap (CAKE) is trading above $20 on Saturday, and if the price breaks through the $25 resistance level, the next price target could be around $30.

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