Coinbase Global Inc. (NASDAQ: COIN) announced plans to list PancakeSwap ($CAKE) in the near future. The cryptocurrency exchange added the ERC-20 version for CAKE in the roadmap for listing and highlighted that its trading will be opened once the set pre-listing conditions are fulfilled.
The imminent listing of CAKE on Coinbase follows a notable regulatory clarity of the Binance ecosystem in the United States. As Coinpedia reported, the U.S. SEC recently dropped the long-standing case against Binance and its top executives.
Most importantly, the PancakeSwap platform has recorded significant growth in the recent past, whereby it continues to dominate the DEX volume of BSC. In May, PancakeSwap posted a net traded volume of about $165.3 billion out of the total DEX volume on the BNB ecosystem of about $178.2 billion.
PancakeSwap Price Signals Bullish Breakout
Following the announcement of the CAKE listing on Coinbase, the altcoin gained around 1 percent to trade at about $2.44 on Wednesday, June 4, during the late North American trading session. As a result, the mid-cap altcoin, with a fully diluted valuation of about $903 million and a 24-hour average trading volume of about $131 million, signaled an imminent breakout from a multi-week consolidation.
In the four-hour timeframe, CAKE price has been consolidating in an ascending triangle since late February 2025. A significant resistance has been recorded above $2.87 after the CAKE price was rejected more than four times in the past three months.
With the four-hour MACD line preparing to cross the zero line, CAKE price is well positioned to break through the resistance level around $2.9 and reach a short-term target of about $4.3. However, if CAKE price consistently closes below the established rising logarithmic trend, a potential drop below $2 will be inevitable.
Credit: Source link