PancakeSwap (CAKE) price has emerged as one of the best performing tokens in the last few days. Owing to the recent airdrop the price surged. However, at the moment the altcoin is facing a major obstacle.
The Chinese X account of PancakeSwap was hacked today, with the hacker posting offensive tweets. The team is attempting to resolve this issue.
PancakeSwap Account Hacked
On-chain data reveals a significant spike in PancakeSwap’s age consumed metric — an indicator that tracks the movement of long-term holders (LTHs). A sharp rise in this metric signals liquidation activity, often driven by profit-taking or loss recovery. In CAKE’s case, the latest spike marks the highest level of LTH profit realization in over a month.
Long-term holders typically hold substantial market influence, and their selling behavior often precedes broader market corrections. The current wave of profit-taking suggests that these investors may be securing gains after CAKE’s strong rally.
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From a technical standpoint, PancakeSwap’s Chaikin Money Flow (CMF) indicator shows strong capital inflows over the past few days. While this normally signals bullish momentum, CAKE’s case presents a warning. Historically, when CMF breaches the 20.0 threshold, it often indicates market saturation — a stage where investors begin realizing profits before prices reverse.
This pattern appears to be repeating for CAKE. Despite steady inflows, the market may soon face a cooling-off period as traders lock in profits from the recent uptrend. The added concern of the X account hack could add to the selling pressure.
CAKE Price Could Continue Rally
CAKE is currently trading at $4.38, hovering just below the $4.58 resistance level. The token’s sharp 74% weekly gain highlights its strong short-term performance. However, sustaining this growth depends on investor conviction and external market stability.
If current trends persist, CAKE could face a reversal. A drop below the $4.00 and $3.74 support levels could push the token down to $3.24, erasing much of its recent progress.
However, if bullish momentum strengthens and overrides bearish cues, PancakeSwap’s price could reclaim its upward trajectory. A breakout above $4.58 could propel CAKE toward $5.20, invalidating the bearish thesis and signaling renewed confidence among investors.
The post CAKE Soars 74% on Airdrop—Will X Account Hack and Profit-Taking Cap the Rally? appeared first on BeInCrypto.
