Here’s Why BinanceCoin (BNB) and PancakeSwap (CAKE) Prices Are Set to Rise By 20% This Week

The post Here’s Why BinanceCoin (BNB) and PancakeSwap (CAKE) Prices Are Set to Rise By 20% This Week appeared first on Coinpedia Fintech News

The prices of the popular tokens, BiananceCoin & PancakeSwap, have begun to inflate as the bulls are utilizing all their resources to defend the strong support. The recent consolidation around the gains has confirmed a bullish pattern and a breakout from the range may initiate a fresh ascending trend. After a ‘v-shaped’ recovery in BNB & CAKE, it now appears to be ready for another explosion that may elevate the levels within the profitable range. 

BinanceCoin (BNB) Price Eyes for a New ATH at $800

Observing from a wider perspective, the BNB price has been trading with extreme strength since the second half of 2024. It has been trading within a rising parallel channel and if the bulls manage to hold the levels within the range, the token is expected to kick off a strong upswing towards a new ATH. While the bearish possibility, which seems to be pretty low, could hinder the progress of the rally but may not stop it from rising to $800. 

As seen in the above chart, the BNB price has been trading within a rising parallel channel, and after recovering from the latest bottoms, a fresh upswing seems to be imminent. The price has risen from a fake breakdown, trapping the sellers, and hence is believed to revive a strong upswing. Besides, the RSI has surged above the average range and if it continues to rise after a small consolidation, then a rise to the upper threshold is imminent, raising the levels beyond $800. 

PancakeSwap (CAKE) Price Aims to Reach $4.6

After rebounding from the bottoms close to $1 in Q4 2023, the PancakSwap price has been trading under an extremely bullish influence. While the resistance remains still around $4.6, the support levels remain within an incremental range. Besides, the token witnessed a huge influx of volume, which suggests the price is due for a major price action. 

The weekly chart of CAKE price suggests the token is within a bullish range, and after a small consolidation, the price is believed to rise and reach the resistance. The price has failed to surpass the resistance at $4.64 since mid-2022, which makes it the strongest level to clear. Once done, they may serve as a base for the token to maintain a healthy upswing thereafter. Besides, the weekly MACD is about to undergo a bullish crossover, which may push the CAKE price towards the resistance. 

If the bulls display some strength along with a massive rise in the bullish volume, the PancakeSwap price may rise within the bullish range and head towards the higher targets.