PancakeSwap (CAKE) is showing signs of a bullish reversal after forming a double-bottom pattern near the $1.20–$1.30 support zone, according to crypto analyst Crypto With Gopal. A breakout above the $1.80 neckline could confirm the pattern and open the path toward a $2.30 target. Meanwhile, the platform reported burning 762,000 CAKE, worth approximately $1.32 million, in the past week. This marks a 37% increase in weekly burns, driven largely by AMM V3 activity. Despite a slight 24-hour price decline, the combination of technical structure and supply reduction is drawing attention.
PancakeSwap (CAKE) is trading at $1.73 with a 24-hour trading volume of $26.26 million and a market capitalization of $555.33 million. Despite a 1.27% loss over the last day, the price structure suggests a potential bullish reversal.
Crypto analyst Crypto With Gopal noted that CAKE has formed a double-bottom pattern around the $1.20–$1.30 support zone. Buyers have defended this area twice, indicating stronger demand and weakening selling pressure. A breakout above the $1.80 neckline would confirm the pattern and could push prices toward $2.30.
If the price fails to break above $1.80, the $1.20–$1.30 area remains key support.
PancakeSwap data shows the platform generated a net CAKE minting loss of -609,000 tokens, valued at about $1.05 million. Total product burns reached 762,000 CAKE, estimated at $1.32 million, representing a 37% rise in weekly burns.
AMM V3 was the main contributor to the burn, destroying 489,000 CAKE worth $846,000, a 90% increase. AMM V2 burned 230,000 CAKE worth $397,000, down 8%. AMM Infinity burned 12,300 CAKE valued at $21,000. Other sources, including Prediction and Perpetual products, added 31,000 CAKE worth $53,000, a 9% increase in combined burns.
CAKE price has been moving downward despite these bullish factors. However, the general trend in the crypto market is improving, and a breakout could occur if conditions remain favorable.
