20% Price Surge Expected for BNB & CAKE This Week
Fueled by strong buying pressure, BinanceCoin (BNB) and PancakeSwap (CAKE) are experiencing price gains as bulls defend key support levels. A recent period of price consolidation above previous gains has solidified a bullish chart pattern, suggesting a breakout could trigger a new upward trend. Following rapid ‘v-shaped’ recoveries, both BNB and CAKE appear poised for another surge, potentially pushing prices higher into profitable territory.
BinanceCoin (BNB) Price Eyes for a New ATH at $800
Zooming out to a broader timeframe, BNB’s price action has shown considerable strength since the latter half of 2024. It has been trending within an ascending parallel channel, and if buyers maintain control within this pattern, BNB is expected to launch a significant rally towards a new all-time high (ATH). While a bearish scenario is considered unlikely, even potential downward pressure is not expected to derail BNB’s trajectory towards the $800 target.
As illustrated in the chart above, BNB’s price movement within a rising parallel channel continues to be evident. Having rebounded from recent lows in what appears to be a ‘fake breakdown’ that trapped sellers, a renewed bullish surge looks increasingly likely. Furthermore, the Relative Strength Index (RSI) has climbed above its average range, and continued upward momentum following a brief consolidation phase would reinforce a push towards the channel’s upper boundary and beyond the $800 mark.
PancakeSwap (CAKE) Price Aims to Reach $4.6
Since its recovery from lows near $1 in Q4 2023, PancakeSwap (CAKE) has demonstrated strong bullish momentum. While the $4.6 resistance level remains a key hurdle, support levels have consistently trended upwards. Additionally, a significant surge in trading volume suggests that CAKE is primed for substantial price movement.
The weekly CAKE chart reinforces a bullish outlook. Following a period of consolidation, CAKE is expected to rally and challenge resistance. The $4.64 level has acted as a persistent ceiling since mid-2022, making a breakout above it a significant milestone. Successfully breaching this resistance could establish a new support base, paving the way for sustained upward momentum. Adding to the bullish signals, the weekly Moving Average Convergence Divergence (MACD) is nearing a bullish crossover, further supporting a potential push towards the $4.6 resistance.
Should bulls exhibit increased strength, accompanied by a surge in buying volume, PancakeSwap’s price is likely to advance within its bullish trajectory and target even higher price levels.
