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By Alessia Pannone – 28 Mar 2023
The latest news and a detailed price analysis on PancakeSwap (CAKE) and Binance Coin (BNB) crypto assets.
Summary
It is worth mentioning that PancakeSwap (CAKE) is a DEX (Decentralized Exchange) built on the Binance Smart Chain, which allows coins to be exchanged using non-custodial wallets.
BNB, on the other hand, is the cryptocurrency that powers the BNB Chain ecosystem. As one of the most popular utility tokens in the world, not only can you trade in BNB as you would with any other crypto, but it can also be used for a wide range of applications and benefits.
PancakeSwap investors may be looking at a reversal as sellers attempt to enter the trading. However, it appears that investors’ hopes are being let down by the coin.
Indeed, the price of CAKE fluctuates in the bearish region. Hence, to boost the price and investors’ optimism, bullish traders must act and make an extra effort.
Otherwise, the bears may push the curve down and CAKE may start to lose its potential.
The current market price is about $3.73, which represents an intraday gain of 0.44%. The coin’s price could fall to its primary support level of $3.12 if sellers reverse the market trend.
However, the secondary support level of $2.90 could be reached if bears take control of the market. On the other hand, if the bullish gain control, the price may rise to the primary resistance level of $3.95 and, if they manage to push it further higher, to the secondary resistance level of $4.69.
Investors would benefit from this rising trend, but current investors would be discouraged. However, this may present an opportunity for new investors to enter the market.
During the intraday trading session, there was a significant drop in trading volume of about 12.59%, indicating an increase in short selling pressure.
The current ratio of volume to market capitalization of the CAKE coin is 0.06254. If the current bearish trend continues, it would be difficult for investors to sustain their investments.
This would pose a challenge for major investors or “whales,” especially if the bears continue to dominate the market, which is currently seeing an influx of sellers. The outcome of the market depends on whether the bullish or bears emerge victorious.
For bulls to establish a healthy market and potential for CAKE, they must strive to meet investors’ expectations despite bears’ efforts to weaken them.
The world’s largest native digital exchange asset is facing significant selling pressure after the US commodities regulator announced legal action against Binance and its CEO.
In fact, the CFTC has filed a lawsuit against the exchange and the CEO, Changpeng Zhao, for allegedly violating trading and derivatives laws. Binance’s former chief compliance officer, Samuel Lim, is also cited as a defendant in the lawsuit.
In this regard, Zhao said in a statement on Monday that he disagrees with the characterization of many of the problems alleged in the CFTC’s complaint.
In addition, a spokesperson told Blockworks that the company has made significant investments to ensure it does not have active US users on its platform, from increasing compliance staff to implementing market surveillance and investigative tools.
The price of BNB, whose utility comes from reduced fees on the exchange, fell more than 6.2% Monday to $308, the hardest hit among the top twenty cryptocurrencies by market value.
It is worth mentioning that BNB is the fourth largest cryptocurrency by total market capitalization with a value of $48.7 billion, Blockworks Research data show.
It appears that the CFTC is trying to strike a legal blow against the exchange in an attempt to do what others around the world have so far failed to do: bring Binance under their control.
Xavier Ekkel, founder of the DeFi prePO trading platform, told Blockworks the following about this:
“Obviously if Binance goes bankrupt due to crushing fines, BNB is unlikely to be worth much anymore.”
The asset could retain a “phantom value,” similar to how FTX‘s native token, FTT, managed to retain some of its value despite the collapse of Sam Bankman-Fried’s empire, Ekkel added.
A blow to BNB’s value follows from the start of the month’s turmoil for another Binance-branded token, its BUSD stablecoin, which has faced regulatory action from the New York Department of Financial Services (NYDFS) and the SEC. Several on-chain metrics now point to a rapid end for BUSD.
In any case, it appears that other tokens have fared better. The native token (HT) of rival exchange Huobi, for example, fell only 3%, while the token (CRO) of Crypto.com lost 4% over the course of the day.
LEO, which is used for trading fees and other services for the Bitfinex exchange, fell about 3%. These moves are in line with the broader sell-off in the digital asset market over the past 24 hours.
Bellwether’s Bitcoin asset lost 3.2% of its value to $27,000, technically its steepest drop since the beginning of the month. Overall, the sector’s total market capitalization, which measures the value of all cryptocurrencies in circulation, fell 2.3% to $1.17 billion.
Graduated in communication sciences, currently student of the master’s degree course in publishing and writing. Writer of articles from an SEO perspective, with care for indexing in search engines.
Cryptonomist Editorial Staff – 14 Sep 2023
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