PancakeSwap's native token, CAKE, experienced a significant price increase, reaching $2.81 after a 5.01% rise within 24 hours. This surge was driven by a bullish technical breakout above key moving averages and a substantial token burn of 26 million CAKE, which reduced supply and bolstered market confidence.
The token's 24-hour trading volume hit $172.52 million, while its market capitalization stood at $9.67 billion. Market analysts are closely monitoring the $2.83 resistance level and $2.66 support level to assess the token's future price trajectory.
CAKE Price Surges to $2.81 Following Bullish Breakout and Token Burn
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