To that end, PancakeSwap is working with Hashflow to offer HFT payments on its stock platform. The tweet indicates that this allows one to use PancakeSwap to “farm” HFT tokens for profit.
In order for a decision to be voted on by Pancake Swap users, it must be supported by 60% of HFT token holders’ votes, as is common in the DeFi community.
Let’s take a quick look at how CAKE has been doing of late:
- Overall, DEX is making great strides.
- Compared to the risk, CAKE’s volatile price and low return make it unappealing
- If a bearish breach occurs, the price may fall below $3.575.
Pancake Swap’s positive developments don’t end here. DEX made headlines in October when it proposed to the community to switch from the BNB chain to the Aptos mainnet. Most of the locals have responded well to this plan.
In contrast, Cake, the native coin of Pancake Swap, is struggling. From what we can tell, CAKE is up, but monthly pessimism casts a shadow over the positive picture.
Not appealing enough to potential financiers?
CAKE may be a sweet-sounding property, but it’s currently underperforming. After falling rapidly due to the FTX crash, the price is now only swinging sideways.
The token has since bounced back, with recent support at $3.943. The price fluctuates between $4.433 and $3.575 per share.
Chart - TradingView
As a token, Mesari’s metrics don’t look particularly attractive either. The Sharpe ratio is -1.96, indicating the difference between an asset’s inherent risk and its investment return. Asset volatility is also at its highest level since June.
The techniques are a mix of neutral and aggressive indicators. With an R-value of 0.22, the regression analysis shows that the sideways trend continues.
RSI is rising, which may indicate a recent price increase.
Can cake be delicious once again?
The unexpected stability of the bowling band increases the sideways price movement.
Moving averages pose a problem as most moving averages, including the EMA ribbon, are showing strong sell signals.
The support at $3.93 is undoubtedly strong as the red candle currently has a longer lower wick as a symbol of strength. However, the rising triangle provides some support for the bears.
If the bears break through at $3.93, investors and traders can take solace at $3.847, and a possible drop to $3.575.
CAKE total market cap at $636 million on the daily chart | Featured image from Taste, Chart: TradingView.com