CAKE the local token for the PancakeSwap exchange on the Binance Smart Chain BSC has seen a significate drop after it's launch to ATH at $44.The bear market and drop in price for BTC has really hit it hard but the project remains great with genuine use case.
10's of coins are launched on the PancakeSwap exchange everyday it is still seen as the 'go to' for new coins and projects to launch.
While I anticipate further moves to the downside to BTC and the market as a general I am looking for an entry into
CAKE around the $2.5 zoneEIW theory puts it back up at $5.3 to put in wave 4 before a further dump to put in wave 5, possibly down to $2.2 which would be a great price to but in my opinion (depending on the state of the market and BTC)
An ABC correction will be expected after wave 5 which according to EIW will put the price back up at $20 once wave C is in for a possible near x10 move.
Combine this with the staking options that are available on the PancakeSwap website pancakeswap.finance/pools with the fixed syrup pool offering up to 125% APY if you stake for 52 weeks (1year) which is an incredible return.
Add #CAKE to your watch list guys
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.