CAKE surged over 50% in the past 24 hours, can it hold onto its gains?

Pancakeswap achieved a gathering of 52.7% in the last 24 hours, fueled by its growing presence in the DEFI space.

Since the launch, Pancakeswap (CAKE) has become one of the main automated merchants in several blockchains, including the BNB, Ethereum, Aptos and Polygon chain. At present, it contains a total locked value of approximately $ 1.85 billion.

Recently, Pancakeswap was outperforming the main dex competitors Like Uniswap and Raydium in terms of trading volume. During last week, its total volume reached a huge $ 21.2 billion.

Adding to the momentum, the former CEO of Binance, Changpeng Zhao, reacted to the recent stage, feeding even more media threshing within the community.

The cake prize has seen an advantage further after the exclusive event of generation of Binance Wallet tokens for the launching platform of the AI ​​Myshell.ai on Pancakeswap agent. THE event He probably contributed to increased activity on the platform, which could lead to a higher demand for cakes while traders have engaged in his services.

An increase in cake holders also accompanied the rally. According to health data, the total number of cake holders jumped 14.56% over the past year to 1.81 million.

In particular, major holders who hold 10,000 to 1 million tokens and 10 to 100 million tokens have increased significantly in the last 4 days while its weighted social feeling has overturned positive.

In addition to that, more than 91 million cakes have been withdrawn centralized exchanges in the past 24 hours, according to Corglass data. During writing, the cake was also one of the trendiest tokens on Coingecko.

Term traders are optimistic about the cake

By looking at its open interest in the long -term market, traders are betting on a new increase. Additional Coringlass data show that Cake’s OO jumped 120% to a top of $ 86.08 million, with its weighted funding at 0.0047%.

A positive financing rate, in parallel with a strong increase in open interest, generally means that traders open longer positions in the hope that the current rally will extend.

The technical indicators on the day graphic have also flashed up bullies. The MacD line crossed the signal line, the two pointing upwards, indicating that the Haussier rally will continue in the short term.

The Aroon indicator confirms this upward trend, with 100% aro aroma and 28.57% Aroon Down, signaling a dominant bullish momentum and minimum lowered pressure.

Its RSI is currently at 72.5, which, even if in the exaggerated territory, often indicates an optimistic momentum sustained during strong high trends, in particular when they are supported by an increase in open interest and signals positive techniques.

As such, if the momentum persists, the cake would probably retain its December 4.32 summit in the coming days.

At the time of the press, Cake exchanged hands at $ 2.84 while its market capitalization was seated at more than $ 860 million.