After months of dealing with sellers, the CAKE price may be starting to see a shift in balance according to the latest supply distribution data. While some large address cohorts are still dumping, there has been a sudden spike in the 100,000–1 million CAKE group in early August, following an important technical area test in June.
CAKE Price Approaches Its Next Major Test
The selling pressure is evident with addresses holding 1–100,000 CAKE continuing to dump, along with the larger 1 million–100 million CAKE cohort showing distribution. However, the 100,000–1 million CAKE group showed a spike in early August after selling through July, indicating a potential rise in demand.
The CAKE price has found support around $1.20, a significant level since early June. Additionally, in August, the token is nearing its 200-day EMA, which poses a key challenge.
If CAKE can surpass and hold above the 200-day EMA, the next significant level indicated by the setup is $2.40.
Token Distribution Finally Shows Some Buyers
The current scenario is more of a mixed picture rather than a clear reversal. While several cohorts are still distributing tokens, the change in the 100,000–1 million CAKE group is a positive sign. The increase in demand while the price remains near established support gives hope to the bulls.
PancakeSwap Keeps Expanding Tokenized Stocks
Apart from the token story, PancakeSwap has introduced five additional tokenized assets trading 24/7 directly on the platform. These assets include “COINon, MSTRon, TQQQon, AMZNon, and ORCLon”, representing Coinbase, Strategy, ProShares UltraPro QQQ, Amazon, and Oracle, powered by Ondo.
While this doesn’t immediately solve the chart issues, it adds another dimension to the ecosystem narrative. The immediate focus for the CAKE price remains the 200-day EMA. A successful breach could bring $2.40 into sharp focus.
