• CAKE’s value elevated by 5% within the final 24 hours.
  • Metrics seemed bearish whereas the market indicators supported the bulls.

PancakeSwap [CAKE] not too long ago introduced that it’ll launch a brand new lottery jackpot to have a good time the lunar new yr. This particular Lunar New 12 months lottery marketing campaign provides the possibility to win as much as 26,530 CAKE.

Customers can begin buying tickets from 27 January. Following the primary sale of three,000 tickets, the jackpot will obtain 100 CAKE for each 1,000 tickets offered. Apparently, PancakeSwap will add 0.1 CAKE to the jackpot for every retweet and like of the marketing campaign tweet.

Real looking or not, right here’s CAKE’s market cap in BTC’s phrases

Quickly after this announcement was made, PancakeSwap witnessed a rise within the variety of customers on the community. Token Terminal’s knowledge revealed that PancakeSwap was among the many prime 5 Dapps and blockchains when it comes to each day lively customers. BNB, Ethereum, and Polygon topped the identical listing. 

Ought to the traders be blissful?

Following these developments, CAKE’s value elevated by greater than 5% within the final 24 hours, leading to beneficial properties on its chart. As per CoinMarketCap, on the time of writing, CAKE was buying and selling at $3.82 with a market capitalization of over $646 million.

CAKE’s MVRV Ratio went up in the previous couple of days, which could have performed a key position on this latest value increment. Nonetheless, CAKE’s velocity decreased sharply on 20 January. In actual fact, its recognition additionally went down during the last week as its social quantity decreased. 

Supply: Santiment

How a lot are 1,10,100 CAKEs value immediately

However there’s hope

Many of the metrics have been unsupportive of a value surge and CAKE’s each day chart supplied much-needed hope. The Relative Power Index (RSI) was resting above the impartial mark, which was bullish.

CAKE’s Chaikin Cash Move (CMF) was additionally comparatively up, additional growing the probabilities of a value surge. Moreover, the Exponential Transferring Common (EMA) Ribbon revealed that the 20-day EMA was quick approaching the 55-day EMA, suggesting the opportunity of a bullish crossover within the coming days.

Supply: TradingView

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