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

• CAKE planning to deliver a brand new Syrup Pool/Farm on PancakeSwap
• However, days forward would possibly get tougher as metrics and indicators had been not supportive

PancakeSwap [CAKE] just lately revealed that they’ve been working with Hashflow to deliver a brand new syrup pool and farm to PancakeSwap. Before voting on PancakeSwap, the hashflow should obtain greater than 60% help for the syrup pool and farm.

Hey group members,

We have been working with Hashflow to deliver 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

Read PancakeSwap’s [CAKE] Price Prediction 2023-2024

Furthermore, CAKE additionally topped the checklist of tasks that had been the most considered and trending on CoinMarketCap, and a doable motive for this is perhaps the aforementioned replace. Apart from CAKE, QUACK and BabyDoge additionally made their place in the high three.

🎉 Most Trending & Viewed Projects on @CoinMarketCap 🔥

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

The Top trending cryptocurrencies that persons are looking for on #CoinMarketCap🔥#BNB #BSC #WEB3 🧬 pic.twitter.com/vBoHEbQ3Ou

— BSCDaily (@bsc_daily) November 29, 2022

With all these developments on the chain, CAKE’s value motion determined to take the reverse route. As of 30 November, CAKE registered damaging each day beneficial properties. CoinMarketCap’s information revealed that at the time of writing, CAKE was down by practically 1% in the final 24 hours.

Furthermore, 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 know what the final weeks of this 12 months might need in retailer for it.

Is CAKE’s goodwill dwindling?

Santiment’s information revealed that CAKE’s each day energetic addresses saved declining over the final month. This indicated a decrease variety of customers current on the community. Moreover, CAKE’s weighted sentiment was additionally significantly decrease, suggesting much less reputation for the token in the crypto group.

However, the Market Value to Realized Value (MVRV) ratio gave slight hope because it registered upticks. This indicated a value hike in the coming days. Furthermore, CAKE’s burn fee was optimistic, with over 6 million CAKE tokens price $27 million burned.

Source: Santiment

Can the market indicators give aid?

Most of the market indicators additionally painted a bearish image for CAKE, which prompt that buyers might need a tough time forward. For occasion, the Chaikin Money Flow (CMF) registered a steep downtick, which was bearish.

Moreover, the Exponential Moving Average (EMA) Ribbon revealed that the bears had the higher hand in the market as the 55-day EMA was resting above the 20-day EMA. Nonetheless, CAKE’s Relative Strength Index (RSI) supplied some much-needed aid by going up throughout the previous couple of days. This might be an indication of a value surge in the coming days.

Source: TradingView