CAKE has been high on crypto investors’ watchlist, gaining one of the top spots in the Trending list on CoinMarketCap. As the larger crypto market took a bullish turn over the last day, CAKE price action couldn’t gain as much ground as expected.
Social sentiment trends low for PancakeSwap
Even though PancakeSwap managed to make its way into the top trending cryptos alongside ETH, ADA, and APT, CAKE price was still down 4% on the weekly chart.
Data from Santiment highlighted that PancakeSwap weighted sentiment was still negative. Social volumes showed no to low euphoria among crowds
Nonetheless, some bullishness flowed in from Crypto Twitter as PancakeSwap was the second most-mentioned BNBChain project after RichQuack.
Seemingly, with PancakeSwap price still below the $4.6 mark, CAKE would need more than just social hype for a push above $5.
CAKE whales would need to push
Despite the trending status and short-lived fame on Twitter, PancakeSwap still has a long way to go. The DEX TVL and market capitalization remained flat even though the price saw minor upticks.
Over the last week, PancakeSwap TVL jumped from $3.19 billion to $4.15 billion, appreciating by almost 30%. Still, TVL is down by 58% from the $10 billion high seen in November 2021.
The percent of stablecoin total supply held by whales with more than $5 million has been in a continuous decline since June 2022.
A healthy uptick in development activity presenting a reversal from the downtrend could aid bullish CAKE price action if bulls take control of the price action going forward.
At press time, CAKE traded at $4.53, noting merely 0.51% daily gains. The $4.6 resistance mark would be the first barrier bulls might have to push through.
Even though CAKE price has recovered from the June-mid losses that brought the coin down by close to 40%, PancakeSwap would still need some retail and whale support for a push above $5. Daily RSI presented a rise in buyers, but PancakeSwap price still moved in the tight range of $4.30 and $4.60.
For now, with no short-term catalysts in sight, a bearish turnover could lead to a pullback to the lower $4.30 zone.
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