Here’s why the Pancakesawap price is increasing

Pankakeswap, the largest decentralized exchange on the BSC chain doubled in the last 30 days, even while most cryptocurrency collapsed.

Pancakeswap (Cake) He jumped to High $ 2.80 on Friday, the highest point of February and 145% above her lowest level this month.

This transmission has occurred as the network continued to obtain market share in the DEX industry. Toward Defi LlamaThe weekly scope of Pančikeswap jumped for almost 60% in the last seven days to $ 14.1 billion. This increase brought its 30-day scope to 53 billion dollars. His weekly was greater than that Uniswap, Raidium, Meteor and Fluida combined.

The volume of Palacicians wholesale has led to a large increase in network fees. Toward TokenterminalThis year, he earned almost $ 120 million in revenue, which made the second most profitable blanket in the industry after Unisvap.

However, it is unclear whether the overvoltage transmission of the volume will continue because it is guided by recently launched meme coins in the ecosystem. The most prominent was Mubarak, whose token has increased then pulled back. His market hat fell to $ 110 million from $ 200 million this week.

Other top Meme BSC trays were Mansa, aopa, mermaid and aiflow token. In most cases these memes coins jump and then Crash like insiders sell. As such, as it happened to Solan (Sol) Dexes, there is a probability that the volume of pancakes can be short-lived.

Another risk for the price of the cake is that the growth of the network and the number of active addresses fell. The network growth metric was transferred with 2,188. March 17. until 738. years, while everyday active addresses fell from Sunday high 13,6k to 6,020.

Cake price analysis

The price of the cake jumped with in today’s level of $ 1.1825 to High of $ 2.9 such as the volume created. He moved above the 50-day and 200-day movement averages, a sign that the bulls are in control.

Pancakeswap price moved to a strong reverse point of peace math to 2.73 dollars. Oscillators such as a relative electricity index and a great oscillator have all shown upward.

Therefore, the cake will probably raise and hit resistance to $ 3.4, the highest level in February and the covered point of the Murrey Math line. With its active addresses and metric growth, there is a risk that it will retire after strucking the resistance level.