CryptoPM

$CAKE

PancakeSwap’s CAKE price rose 4% in 24 hours due to BNB’s momentum, PancakeSwap Infinity’s Base network launch, and bullish technical signals.

BNB correlation: CAKE surged alongside BNB (+3.15% in 24h), which hit a new ATH of $755.64 .

Product upgrade: Infinity v4 launched on Base (Coinbase’s L2), which hit a record $1.6B DEX volume.

Technical breakout: Golden cross on 4-hour chart and RSI(7) at 80.3 signal overbought but bullish conditions.

Deep Dive

1. Primary catalyst

BNB’s 3.15% rally to $755.64 (July 20–23) directly boosted CAKE, given PancakeSwap’s BNB Chain roots. BNB Chain hosts 96.7% of PancakeSwap’s Q2 volume ($513B), creating tight price correlation.

2. Supporting factors

Infinity on Base: Launched July 22, PancakeSwap’s multichain DEX now supports Base’s $4.3B TVL ecosystem. Base’s 24h DEX volume spiked 33% to $1.6B, driving CAKE utility.

Burn momentum: Weekly CAKE burns hit -587k tokens (-$1.36M) on July 1, accelerating deflation (PancakeSwap).

3. Technical context

Golden cross: 20-day EMA crossed above 50-day EMA on July 23, a classic bullish signal.

RSI(7): At 80.3, CAKE is overbought short-term but shows strong buying pressure.

Resistance break: Price cleared $2.72 pivot point, eyeing $2.99 (Fibonacci 23.6% level).

Conclusion

CAKE’s 24h gain reflects BNB’s strength, Infinity’s Base expansion, and technical momentum. While bullish, RSI(7) warns of potential pullback.

Will Base’s growth sustain CAKE’s multichain adoption against rising DEX competition?

#CAKE #Macro Insights# #AltSeason #PancakeSwap