CAKE Soars 74% on Airdrop—Will X Account Hack and Profit-Taking Cap the Rally?
PancakeSwap (CAKE) worth has emerged as one among the finest performing tokens in the previous couple of days. Owing to the latest airdrop the worth surged. However, at the second the altcoin is dealing with a serious impediment.
The Chinese X account of PancakeSwap was hacked right this moment, with the hacker posting offensive tweets. The staff is making an attempt to resolve this challenge.
PancakeSwap Account Hacked
On-chain information reveals a big spike in PancakeSwap’s age consumed metric — an indicator that tracks the motion of long-term holders (LTHs). A pointy rise on this metric alerts liquidation exercise, typically pushed by profit-taking or loss restoration. In CAKE’s case, the newest spike marks the highest stage of LTH revenue realization in over a month.
Long-term holders sometimes maintain substantial market affect, and their promoting conduct typically precedes broader market corrections. The present wave of profit-taking means that these buyers could also be securing gains after CAKE’s robust rally.
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From a technical standpoint, PancakeSwap’s Chaikin Money Flow (CMF) indicator exhibits robust capital inflows over the previous few days. While this usually alerts bullish momentum, CAKE’s case presents a warning. Historically, when CMF breaches the 20.0 threshold, it typically signifies market saturation — a stage the place buyers start realizing income earlier than costs reverse.
This sample seems to be repeating for CAKE. Despite regular inflows, the market might quickly face a cooling-off interval as merchants lock in income from the latest uptrend. The added concern of the X account hack might add to the promoting stress.
CAKE Price Could Continue Rally
CAKE is presently buying and selling at $4.38, hovering slightly below the $4.58 resistance stage. The token’s sharp 74% weekly acquire highlights its robust short-term efficiency. However, sustaining this progress relies upon on investor conviction and exterior market stability.
If present tendencies persist, CAKE could face a reversal. A drop beneath the $4.00 and $3.74 help ranges might push the token all the way down to $3.24, erasing a lot of its latest progress.
However, if bullish momentum strengthens and overrides bearish cues, PancakeSwap’s worth might reclaim its upward trajectory. A breakout above $4.58 might propel CAKE towards $5.20, invalidating the bearish thesis and signaling renewed confidence amongst buyers.
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