PancakeSwap's progress may not sit well with investors, is CAKE the culprit

CAKE planning to convey a brand new Syrup Pool/Farm on PancakeSwap
Nevertheless, days forward would possibly get more durable as metrics and indicators weren’t supportive

PancakeSwap [CAKE] not too long ago revealed that they’ve been working with Hashflow to convey a brand new syrup pool and farm to PancakeSwap. Earlier than voting on PancakeSwap, the hashflow should obtain greater than 60% help for the syrup pool and farm.

Hey neighborhood members,

Now we have been working with Hashflow to convey you a BRAND NEW Syrup Pool/Farm on PancakeSwap. For the Syrup Pool and Farm to occur, the vote wants greater than 60% optimistic votes on Hashflow itself, earlier than it may be voted on PancakeSwap. pic.twitter.com/vReAlutILT

— PancakeSwap 🥞 #BSC (@PancakeSwap) November 29, 2022

Learn PancakeSwap’s [CAKE] Value Prediction 2023-2024

Moreover, CAKE additionally topped the listing of tasks that have been essentially the most considered and trending on CoinMarketCap, and a attainable cause for this is likely to be the aforementioned replace. Aside from CAKE, QUACK and BabyDoge additionally made their place within the prime three.

🎉 Most Trending & Seen Tasks on @CoinMarketCap 🔥

🥇 $CAKE @PancakeSwap
🥈 $QUACK @RichQuack
🥉 $BABYDOGE @BabyDogeCoin $DOGE @BabyDogeCoin

The High trending cryptocurrencies that individuals are trying to find on #CoinMarketCap🔥#BNB #BSC #WEB3 🧬 pic.twitter.com/vBoHEbQ3Ou

— BSCDaily (@bsc_daily) November 29, 2022

With all these developments on the chain, CAKE’s worth motion determined to take the other route. As of 30 November, CAKE registered damaging each day positive aspects. CoinMarketCap’s knowledge revealed that on the time of writing, CAKE was down by almost 1% within the final 24 hours.

Moreover, CAKE was trading at $3.96 with a market capitalization of greater than $622 million. Let’s take a look at CAKE’s on-chain metrics to grasp what the final weeks of this yr might need in retailer for it.

Is CAKE’s goodwill dwindling?

Santiment’s knowledge revealed that CAKE’s each day lively addresses stored declining during the last month. This indicated a decrease variety of customers current on the community. Furthermore, CAKE’s weighted sentiment was additionally significantly decrease, suggesting much less reputation for the token within the crypto neighborhood.

Supply: Santiment

Nevertheless, the Market Worth to Realized Worth (MVRV) ratio gave slight hope because it registered upticks. This indicated a worth hike within the coming days. Moreover, CAKE’s burn fee was optimistic, with over 6 million CAKE tokens price $27 million burned.

Supply: Santiment

Can the market indicators give aid?

Many of the market indicators additionally painted a bearish image for CAKE, which steered that buyers might need a tough time forward. For example, the Chaikin Cash Movement (CMF) registered a steep downtick, which was bearish.

Furthermore, the Exponential Shifting Common (EMA) Ribbon revealed that the bears had the higher hand out there because the 55-day EMA was resting above the 20-day EMA. Nonetheless, CAKE’s Relative Energy Index (RSI) offered some much-needed aid by going up throughout the previous few days. This might be an indication of a worth surge within the coming days.