PancakeSwap's CAKE token has broken out of a falling wedge pattern on the 8-hour chart, climbing 4.5% to reach $1.98. This technical breakout follows a period of condensed trading, with CAKE maintaining support above $1.86. The token also gained 5.8% against Bitcoin, trading at 0.00002252 BTC. The breakout has brought CAKE close to the $2.00 resistance level, a key technical barrier that previously capped price advances in late December. Traders are now watching for a sustained move above this level, which could extend the current bullish momentum. Meanwhile, support remains firm at $1.86, providing a foundation for the recent price action.