CAKE Price Shows Strong Performance on March 18

CAKE formed a God candle on March 18, jumping 23% to hit an intraday high of $2.63, bringing its weekly gains close to 70%.

The altcoin’s daily trading volume tripled to around $1.12 billion, while its market cap neared $760 million.

The rally coincided with strong interest from derivative traders. CoinGlass data shows that open interest shot up 73% over the past day to $96 million, more than tripling from $30 million seen at the start of 2025.

Pancakeswap’s (CAKE) gains come amid investor hype as Pancakeswap became the most active decentralized exchange by daily trading volume for two straight days. Data from DefiLlama shows that PancakeSwap hit nearly $1.64 billion in trading volume on March 18, surpassing Uniswap and Raydium.

Key Factors for PancakeSwap’s Performance

• Binance Delisting: Binance’s decision to delist Tether (USDT) and eight other stablecoins for users in the European Economic Area (EEA) set for March 31 has driven many users to PancakeSwap, leading to a surge in trading volume. The DEX processed over $352.4 million in USDT trades in 24 hours, making up about 31% of its total volume.
• Memecoins Surge: Binance founder Changpeng Zhao reignited interest in memecoins, leading to a spike in the creation of BNB Chain-based MUBARAK, which surged over 270% in the past week. MUBARAK became the third most traded asset on PancakeSwap.
• Binance Investments: Binance’s recent $2 billion investment in the Abu Dhabi-based firm MGX has bolstered confidence in Binance-linked projects like PancakeSwap.
• Token Burning: PancakeSwap has burned over 9.3 million CAKE, worth approximately $23 million. This typically reduces the total supply and can increase the token’s value.
• Social Sentiment: On-chain metrics indicate bullish sentiment, with a positive social sentiment surrounding CAKE and a spike in daily active addresses. Large holders have also begun accumulating CAKE.

CAKE Price Analysis

Technical indicators signal a sustained bullish trend ahead. On the 1-day/USDT price chart:
– CAKE has broken above a descending resistance trend formed since February 13.
– The 50-day EMA is poised to cross over the 200-day EMA, suggesting potential gains.
– The MACD lines are trending upward, and the Supertrend indicator has turned green, both signs of a strong uptrend.

CAKE is eyeing resistance at $2.65; a breakout above could target $2.95. However, if momentum falters, it may pull back to $2.33. Keeping above the $2.40–$2.70 support range is crucial for sustaining bullish momentum.

Disclosure: This article does not represent investment advice. The content here is for educational purposes only.