Analytics

Is PancakeSwap (CAKE) a good buy in October 2021?

Earn money with the top Binance exchange

PancakeSwap CAKE/USD has weakened from $24 below $18 since the beginning of September 2021, and the current price stands around $20. The fundamentals of this cryptocurrency continue to improve; still, PancakeSwap has decided to delay the “Pancake Squad project” by several days.

Fundamental analysis: PancakeSwap has much lower transaction costs than Ethereum or Bitcoin

PancakeSwap is a decentralized platform with almost 3 million users that have made 31 million trades in the last thirty days. PancakeSwap runs on Binance Smart Chain and allows you to trade any token by connecting your wallet.

This decentralized platform has much lower transaction costs than Ethereum or Bitcoin, and unlike centralized exchanges like Binance or Coinbase, PancakeSwap doesn’t hold your funds when you trade. In other words, you have 100% ownership of your own crypto, and it is important to mention that you can earn CAKE while supporting PancakeSwap by staking LP Tokens.

CAKE is a token that powers the PancakeSwap ecosystem, and you can use it to vote on proposals, mint NFTs, and buy tickets in the PancakeSwap Lottery. CAKE token can also be staked in Syrup Pools to earn free tokens, but the strategy is to leave more CAKE in circulation than the amount of CAKE that’s produced.

According to the latest news, PancakeSwap has made a decision to delay the “Pancake Squad project” by several days to make sure its developers have enough time to respond to any changes that might be needed after the Marketplace launch.

“Pancake Squad is a brand new generative collection of 10,000 different NFTs, brought to you by our very own Chef Cecy! The bunnies will be randomly generated from over 180 different traits, with tens of thousands of possible combinations. No single Pancake Squad NFT will be entirely alike,” the team of PancakeSwap reported.

PancakeSwap is built by a world-class team of engineers, and this platform is secure enough to manage high-value assets. Fundamentally looking, PancakeSwap (CAKE) has a big potential; the popularity of this project is rising across the globe, but there is still a level of uncertainty.

Technical analysis: $15 represents a strong support level

Data source: tradingview.com

PancakeSwap (CAKE) is currently trading around the $20 level, but it would be a strong sell signal if the price falls below $15 support. The next price target could be around $13 or even $10; still, if the price jumps above $25, we have the open way to $30.

Summary

PancakeSwap is a decentralized platform with low transaction costs that allows you to trade any token just by connecting your wallet. To interact with this platform, you should use CAKE tokens that allow you to participate in network governance and earn token rewards by staking to the network.

   
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