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UpBots Academy – Know your coins: Cake Last week we reviewed together with the Solar project, previously Swipe. This week we will focus on a major player in DeFi, which is none other than the decentralized exchange platform PancakeSwap and its native token, CAKE. Many of you already know it, for the others, we'll fix that right away! Here we go!

UpBots Academy – Know your coins: Cake

Last week we reviewed together with the Solar project, previously Swipe. This week we will focus on a major player in DeFi, which is none other than the decentralized exchange platform PancakeSwap and its native token, CAKE. Many of you already know it, for the others, we’ll fix that right away! Here we go!

Creation

Launched in September 2020, PancakeSwap is the largest decentralized exchange platform (DEX) on the Binance Smart Chain (BSC) blockchain. The platform is known for its high liquidity and diversity of tokens available for trading.

The platform allows users to securely trade a ton of BEP-20 token combinations without having to rely on a centralized service through an automated market-making algorithm, AMM.

The code is available for anyone to verify, and the PancakeSwap platform has been audited several times by specialized security firms to further enhance security for its users.

Usage

The PancakeSwap platform offers a multitude of services for crypto investors:

Trading: You lock your funds on the platform to support blockchain operations. The user will receive CAKE or other tokens as a reward depending on the pool chosen.

Trading: As with any exchange platform, investors and traders can trade on the PancakeSwap platform on a wide variety of different coins. The advantage is that the fees are generally lower on the BSC blockchain than on Ethereum.

Liquidity providing: You deposit your crypto-currencies in liquidity pools in exchange for interest. To do this, you must deposit your LP tokens on the platform to earn tokens. However, this operation is not to be put in all hands because it can expose you to the risk of impermanent loss.

From a technical point of view

From a technical perspective, the CAKE/USDT pair is not doing much better than the market and is trading just below an extremely important resistance zone located at $5.50.

The daily technical picture is nevertheless positive with the MACD and WaveTrend pointing upwards. On a 4-hour time frame, the indicators are negative.

It is far too early for the moment to buy manually again, at least as long as the price does not exceed 5.50. Even then, CAKE will remain in a bearish configuration until $10 is breached.

UpBots Academy – Know your coins: Cake

How to profit on the Upbots platform?

We have only one bot trading CAKE on our platform but it performs well with more than 280% in total and allows you to trade long-only sides.

  • WT CAKE

It’s pretty good, right? Come and try it for yourself!

Conclusion

And here is another new coin that no longer holds any secrets for you! This one was a different project in comparison with all the others we covered in this series. Next week, we will discuss another very interesting project, which has been around for quite some time, TRX.

See you next week!

 

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