PancakeSwap (CAKE) Price Prediction: CAKE Price Eye’s INR 1,000 In Q2 2022

Key Takeaways:

• The CAKE price closed the previous day’s trade at INR 646.56 with a market capitalization of INR 236 Cr and a circulating supply of 28,49,38,102.39 BNB
• The price after a ‘V-shape’ recovery in the past couple of days is accumulating gains to pull a significant leg up soon.

PancakeSwap Price Analysis:  Will CAKE Price Hit INR 1000 in April?

The start of the monthly trade was somewhat bullish which was further squeezed heavily as the price dropped by nearly 25%. However, the CAKE price is consolidating heavily at present and may range high as buying volume appears to have mounted. 

The price is expected to consolidate a little as no clear ‘buy’ or ‘bullish’ signals have flashed out yet. Nevertheless, after a minor accumulation of gains, the asset is primed to range high to reach the monthly highs above INR 750 initially and settle above INR 800 to end the monthly trade.

PancakeSwap Price Prediction: How High Will CAKE Price Go in 2022?

After a gigantic rally in 2021, the CAKE price has slumped heavily since the beginning of 2021 reaching the levels below INR 500. No doubt the price is attempting to flip from the bearish trend, yet the price fails to smash the INR 1000 mark. With a small trend reversal, the CAKE price may settle above INR 800 by the end of April and a 4-digit figure by the end of Q2. 

Continuing with the same pace, the asset test INR 2000 by the end of the year 2022. Conversely, if the bears jump in action the price may remain restricted below INR 2000 after hitting the yearly highs at INR 2400 to INR 2600.

PancakeSwap Price Analysis: CAKE Price Table (Last 07 Days) 

Additional Read: PancakeSwap vs UniSwap

PancakeSwap Price Prediction: CAKE Price Trend Comparison with BNB (Last 30 Days)

Source: Tradingview

PancakeSwap is a popular DEX on Binance Chain, but both the native currencies appear to be independent of each other. BNB price maintained a more or less stagnant rally, while the CAKE price spiked extremely high from -10% to 65% and currently hovering around 37.26%. 

On the other hand, the BNB price maintained its swing within a parallel channel between 5% to 25% and currently records its levels around 18.03%. Interestingly, both the assets are pointing towards the north and hence a significant uptrend may be imminent.

Correlation of CAKE/USDT and CAKE/BTC (Last 30 Days)

Source: Tradingview

PancakeSwap price with both BTC & USDT pair maintained a significant uptrend after a brief consolidation. However, the USDT pair ranged significantly high and reached 60% from -10% and currently hovering around 35.18%. 

On the other hand, the CAKE/BTC pair also ignited its rally from -15% and surged as high as 30%. However, it consolidated pretty well for some time and is currently swinging around 25.27% above the average levels. Both the pairs are heading towards the north and a notable upswing may be imminent. 

Additional Read: PancakeSwap Technical Analysis.

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