PancakeSwap (CAKE) Faces Key Resistance After Strong Rally
PancakeSwap’s token, CAKE, gained over 30% this week but dropped 1% on Wednesday. This pause comes after two days of strong gains. The rise follows PancakeSwap’s announcement that 753,000 CAKE tokens were burned last week. The total burn, including product burns, reached 894,000 CAKE, worth $3.24 million. This deflationary trend may increase demand and support the token’s price.
CAKE is nearing a major resistance level at $4.50. This price zone has held since May 15. A weekly close above $4.50 could trigger more buying. Key resistance targets are $6.60 and $10.71, based on Fibonacci levels from December to February price moves.
Technical indicators show rising momentum. The Relative Strength Index (RSI) is at 70, near overbought levels. The MACD indicator also supports continued buying pressure. If CAKE fails to break $4.50, it may fall back to $4.00.
BNB Continues Rally Amid Strong On-Chain Activity
BNB, the native token of Binance, rose nearly 1% on Wednesday. It has gained over 6% in the past day and is up for the fourth day in a row. BNB broke out of a rising channel on the daily chart.
On-chain data shows more than $526 million in assets moved to the BNB Chain last month. These assets came mostly from Ethereum, Solana, Arbitrum, and other chains. This inflow boosts liquidity and demand for BNB.
BNB hit a new high of $1,349 on Tuesday but pulled back before reaching the $1,358 resistance level. If it breaks this level, the next target is $1,495. The RSI on the 4-hour chart is 78, signaling BNB is overbought and may see a pullback. However, the MACD shows strong bullish momentum. Support lies at $1,220.
DeXe (DEXE) Holds Gains Above Key Support Levels
DeXe’s token, DEXE, trades above $13 after an 8% gain on Tuesday. It broke out of a falling channel and passed the $12.68 resistance level. The next targets are $14.22 and $15.88.
The RSI is 74, indicating overbought conditions and weakening buying pressure. Still, the MACD and signal line remain positive, showing ongoing demand. The 50-day EMA recently crossed above the 100-day EMA, signaling a faster short-term recovery.
If DEXE falls below $12.68, support levels are at the 200-day EMA of $10.01 and the pivot point at $9.70.
