• PancakeSwap rose over 10% last week despite calm market conditions.
• Analysts see a bullish ascending triangle pattern signaling a possible breakout.
• Trading volume and open interest dipped, but trader interest remains steady.

PancakeSwap’s token, CAKE, has been on an upward streak. In the last week, it surged 12.24%, though the whole market has remained subdued. In the previous 24 hours, the token rose by roughly 3.29% and is currently trading around $2.85.

At the same time, the 24-hour trading volume decreased by more than 15.97% to $84.4 million. The market capitalization remains around $987.74 million, indicating consistent interest from investors even as volume slows down.

Also Read: PancakeSwap CAKE Forecast 2025: Will the Price Hit $6 or More?

Cake Chart Patterns Hint at Potential Breakout

CAKE has drawn attention from crypto analyst Jonathan Carter recently. The analyst discussed an ascending triangle pattern building on the daily chart, which we often see before anticipating further price appreciation.

CAKE’s price resides just below resistance in the area of $2.85 and $3.00, but is still making higher lows, indicating strength on the buy-side. The 50-day moving average holds the base of the price, and the RSI is neutral, so the token may continue going upwards without becoming overbought.

Jonathan Carter described the case of volume being the catalyst before any breakout. In case the token breaks and closes above the resistance level with increasing volume, then it may reach $3.40, then $3.75, and even $4.40.

These levels are in line with past levels of resistance and triangle pattern expectations. But if the price falls below the level of support near $2.50, then the setup fails and the price may crash to $2.15 or even $1.35.

Trading Activity Slows but Interest Holds

Latest figures indicate declining trade volume in the token. Volume reduced by nearly 25% to $46.53 million during some intervals. Open interest, an indicator of active derivatives contracts, edged lower by 0.62% to $53.83 million.

Despite this, open interest is still relatively high, suggesting traders are engaged and may be speculating or hedging. The open interest-weighted sentiment was mildly positive at 0.0057%, reflecting a guarded but optimistic trader attitude.

PancakeSwap climbed more than 10%. Experts spot a bullish ascending triangle that could push prices to $3.40–$4.40 if volume picks up. Trading slowed, but traders still show steady interest and cautious hope.

Also Read: CAKE Price Breakout Could Ignite a Strong Rally Towards $6.12