PancakeSwap price has started giving back the gains accrued from January 1, when it bottomed out at $3.15. CAKE is down slightly over 3% in 24 hours to trade at $3.72 at the time of writing. With this price analysis, investors will figure out if they should buy the dip or wait for PancakeSwap price to exhaust the pullback.
Evaluating PancakeSwap Price Long-Term Profitability With These Updates
PancakeSwap launched a 120-day ESPL Syrup Pool for its community on Monday. This development follows a collaboration with “strategic partners and investors, including Genting Ventures, Warner Music, Infinity Ventures Crypto, and Arcanum Capital.”
According to an announcement by the team made via Twitter, the ESPL Arena is a Global Esports Tournament Platform, boasting 280k active competitors. ESPL has hosted more than 700 Esports tournaments across Southeast Asia and Latin America.
The first ESPL Arena initial farm offering (IFO) was concluded late Monday, with users informed to “claim the unspent CAKE and 33% of the purchased ARENA immediately.” However, the rest of the “tokens will be released based on the vesting schedule.”
The PancakeSwap team recently updated bCAKE, allowing farmers to “activate boosters on two farms with adjusted boost multiplier.” The only condition is to unset the current booster before applying the new one.
Interest in CAKE has been growing since the New Year and this could be attributed to the launch of the ESPL Arena and other key updates on farming pools like bCake. CAKE has also been popular among BSC whales, becoming the most-used token after toppling BTCB.
Insight from on-chain data presented by Santiment confirms the uptick in investor interest, as observed from the on-chain volume metric below. It appears that PancakeSwap price tends to respond to increased transactions on the protocol. CAKE price rallied in tandem with the volume but snapped out of the trend as activity slowed down over the weekend. It is probable interest in CAKE will pick up the pace this week, as bulls push for the resumption of the uptrend.
PancakeSwap Volume chartPancakeSwap Price Holds Between a Rock and a Hard Place
PancakeSwap price is dancing between critical support and resistance marked by the 100-day Exponential Moving Average (EMA) (in blue) at $3.58 and the 200-day EMA (in purple) at $3.79.
The Moving Average Convergence Divergence (MACD) indicator’s position above the mean line shows that buyers have the upper hand, at least for now. However, traders must approach CAKE cautiously, keeping in mind the need to watch out for potential losses below the 100-day EMA.
Short positions in PancakeSwap price might not be ruled out at the moment, but it is prudent to keep them inactive until the MACD (line in blue) crosses below the signal line. Price action below the 100-day EMA may validate declines for possible take-profit targets of $3.20 and $3.00, respectively.
CAKE/USD 12-hour chart
The bullish outlook for PancakeSwap price will carry on as soon as CAKE breaks and holds above the 200-day EMA. More buyers will flock to the market to buy CAKE as anticipation for gains to $5.00 increases. This will mark the beginning of the second leg of its recovery, with the third taking place between $5.00 and $10.00.
Altcoins To Consider For Quicker Returns
PancakeSwap price seems bullish, but bulls are taking a breather before the next recovery phase. Meanwhile, investors may want to check out selected presale tokens offering an opportunity to be an early adopter. In addition to these altcoins championing a better future in crypto, the tokens have the potential to rally after listing on exchanges for the first time.
Meta Masters Guild (MEMAG)
A strong play-to-earn platform is flaunting a simple approach to the gaming industry that could supercharge user interest, which has declined significantly over the last few months. The team at Meta Masters Guild says that it wants everyone to be able to play blockchain games for free and start earning rewards for the time spent on them.
Players on the world’s first mobile-focused web3 gaming guild will earn a currency referred to as Gems. These tokens are versatile as they allow the player to swap them with MEMAG, the platform’s native token, which can be staked for more rewards. Some users may buy in-game NFTs with Gems or cash out by exchanging with other cryptos like ETH.
The Meta Masters Guild’s ecosystem has been designed to reward players and anyone who contributes to its growth. Some high-value contributions that will be rewarded include game building, the supply of in-game assets to high-performing players, the development of esports teams, content creation, and participation in community events and giveaways.
Investors can buy MEMAG in an ongoing presale that has already raised 376k, selling one token for 0.007 USDT.
Visit Meta Masters Guild Now.
Fight Out (FGHT)
FightOut is a new crypto project hoping to redefine the fitness lifestyle with the Web3 era in mind. It is a Move-to-Earn (M2E) app with a gym chain that gamifies the fitness lifestyle. Users in the ecosystem are rewarded for completing predetermined workouts and challenges while earning badges and growing within a dynamic community.
A tokenized economy will help run the ecosystem where users earn FGHT tokens for completing M2E tasks. Since FightOut is coming to revolutionize the fitness economy with Web3 solutions, users can create accounts and mint their own digital NFT avatars to use in the metaverse.
The FightOut team is elated to announce the first CEX listing for FGHT on LBank Exchange with $2.98 million raised so far. Investors are scooping up the tokens while taking advantage of a 50% discount, valid until $5 million is raised.
Visit FightOut Now.
Calvaria is a crypto project aiming to be a frontrunner in the race to bridge the gap between the “real world” and crypto. The project involves speeding up crypto adoption via a play-to-earn battle card game.
The team hopes to be competitive within the Web2 gaming market by creating two game versions. One game version will be accessible via app stores such as Google Play and Apple Store.
On the other hand, the play-to-earn version (backed by blockchain functions) will admit all players without the many barriers to entry that often scares non-crypto users.
The Calvaria presale is almost over, with only 9% of the tokens up for grabs. $2.82 million has been raised, far ahead of RIA’s first CEX listing.
Visit Calvaria Now.