PancakeSwap (CAKE) DeFi Play on Binance Smart Chain (BSC)Hi Folks,
after a longer period of focusing on my trading I am back with some ideas.
Not sure you are familiar with the Binance Smart Chain (BSC). Basically it is like the Ethereum network, but with appropriately low transaction fees.
PancakeSwap is a Binance Smart Chain-based DEX (decentralized exchange). I wasn't really aware of it until the recent Binance Coin (BNB) and CAKE price surges. .
I have produced these four views on CAKE for you to use / copy if you'd like.
Top left is the USD chart. CAKE has lost 30% of its value and if you believe in it being currently the better (way less expensive) exchange solution compared to UNI, MAKER, SUSHI & COMP then this just may be a good time to start or extend your position.
Bottom left is the EUR chart.
Top right is the CAKE vs. Uniswap (UNI) ratio. This ratio shows that CAKE has been losing value against UNI, but it appears a support level may be forming for it to attack UNI again.
Bottom right the same style ratio with SushiSwap (SUSHI), same view as on UNI. Looks like a support level is forming.
CAKE is number 8 in the dappradar rankings in terms of total balance and has had a phenomenal growth in terms of volume, users and transactions over the last 30 days.
With Bitcoin likely taking a breather today and tomorrow below $60k and only maybe sneaking up to $60k next week there seems to be a likelihood that the overall market will be drawn down as well.
It may also be the time for altcoins to shine and may give CAKE an opportunity to catch up with UNI and have a fantastic gain.
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