PancakeSwap: CAKE Token Faces Resistance at New High

PancakeSwap’s CAKE token surged towards a new all-time high near $2.95, fueled by bullish sentiment and DeFi growth. However, rapid selling pressure emerged after the price test of this range-high level, resulting in a 5.6% decline within 11 hours. This pullback follows a substantial 22% surge over six hours, showcasing a quick shift in market dynamics. The token’s price movements are often influenced by liquidity zones, with traders flocking towards areas with high trading activity near the $2.85-$3 range. This zone acted as a magnet for CAKE price movement before it quickly retreated.