(CAKE) $1.60 higher, bullish sentiment grows as open interest rises

Key receivers

The Pancake Swap holds above a key support level at $1.55, indicating a bullish move ahead.
Increasing open interest with positive funding rates increases participation.

Pancake Swap (KK) is trading in the green above $1.60 on Thursday after finding support around this key level the previous day. Positive derivatives data, along with constructive price action, suggest that the KK may continue its uptrend in the coming days.

Bullish derivative data will push CAKE higher

CoinGlass data It rose to $32.48 million on Tuesday and rose to $32.28 million on Thursday, reflecting a sharp increase in open interest (OI) futures for pancake swaps, the highest level since March 17.

A continued increase in OI indicates that new money is entering the market, which may continue CAKE's continued price rally.

Additionally, the funding rate is showing a positive shift, further supporting bullishness. CoinGlass' OI-weighted funding for KK turned positive on Wednesday and read 0.0056% on Thursday.

This indicates that long positions are paying off short positions, indicating that market sentiment remains bearish.

Pancake Swap Price Prediction: Speed ​​indicators suggest further rally

The 4-hour chart of CAKE/USDT is very bullish and bullish, as Pancakeswap is trading at $1.60 at press time.

The coin maintains a bullish bias supported by placing above the 50-day and 100-day moving averages (EMAs) at $1.46 and $1.57, respectively.

CAKE's current price action indicates that demand is continuing its recent uptrend, although CAKE remains below the 200-day EMA at $1.81, which marks the upper bound of a broader corrective structure.

The Relative Strength Index (RSI) on the daily chart is at 64, which suggests that while the price looks strong, it may be vulnerable to consolidation as it nears overbought territory.

The Moving Average Convergence Divergence (MACD) remains positive, reinforcing the bullish short-term outlook.

On the upside, initial resistance is at the 50% retracement of the latest swing at $1.67, followed by the 61.8% Fibonacci level at $1.78 and the nearest horizontal resistance at $1.79. The 200-day EMA at $1.81 represents a more significant barrier.

However, if the bears regain control, immediate support is at the 100-day EMA at $1.57, followed by the 38.2% retracement at $1.55.

A deeper retracement could test the 50-day EMA at $1.46 and the 23.6% Fibonacci retracement at $1.40, with strong structural support near $1.28.