PancakeSwap, BNB and DeXe assert their position as the overall market weakens.

In the past 24 hours, PancakeSwap (CAKE), BNB, and DeXe (DEXE) have become rare bright spots amid the strong volatility wave of the crypto market, as Bitcoin (BTC) slipped below the threshold of 122,000 USD.

Notably, the native token of the BNB Chain ecosystem – BNB – along with the leading protocol PancakeSwap has recorded impressive growth due to a strong influx of on-chain capital and a deflationary token burn mechanism. Meanwhile, DeXe continues to strengthen its solid recovery after breaking the descending channel pattern on the daily chart.

PancakeSwap hits multi-year resistance

The token of the decentralized exchange (DEX) PancakeSwap – CAKE – is adjusting slightly by 1% at the time of writing on (Wednesday), after two consecutive strong increases, raising the total increase for the week to over 30%.

The recovery of CAKE is reinforced when PancakeSwap announced on X on Tuesday that the net amount of CAKE tokens minted in the week was negative 753,000, meaning the amount of tokens burned from circulation. Specifically, the total amount of CAKE burned across the ecosystem reached 894,000 tokens, equivalent to about 3.24 million USD. This trend indicates that the deflationary model is being maintained steadily, which could promote a consistent increase in buying demand, creating a positive feedback loop for the price.

Currently, CAKE is approaching a strong resistance area at 4.50 USD, corresponding to a long-term supply zone formed since mid-May. If the price can close the weekly candle above this level, the accumulated buying pressure over time may be released, opening up a new upward momentum.

Weekly CAKE/USDT Chart | Source: TradingViewThe next resistance zones for the potential breakout are at 6.60 USD and 10.70 USD, coinciding with the Fibonacci extension levels of 1.272 and 1.618, measured from the peak in December (4.51 USD) to the bottom in February (1.11 USD).

On the weekly chart, technical indicators are leaning towards the bulls: the RSI has reached the 70 threshold – approaching the overbought zone, while the MACD crosses above the signal line, extending the upward trend and reflecting increasing buying pressure.

However, if the price is rejected at the 4.50 USD level, CAKE may retreat to test the psychological milestone of 4.00 USD before establishing the next direction.

BNB rises sharply, facing the risk of correction

BNB – the native token of the Binance ecosystem – continues to maintain a stable upward trend, rising nearly 1% in Wednesday's session, extending the 6.64% increase from the previous day. This is also the fourth consecutive increase, marking a significant step forward as BNB breaks out of the upward price channel on the daily chart.

On-chain data shows that a large amount of capital is flowing into BNB Chain. According to the tracking platform deBridge, over 526 million USD in digital assets have been transferred to this network in the past month, primarily withdrawn from Ethereum (ETH), Solana (SOL), Arbitrum (ARB) and several other chains. The abundant liquidity and increasing demand may continue to bolster the value of the BNB token in the short term.

On the current upward trend, BNB has established a new peak at 1.349 USD on Tuesday, just below the resistance level R3 at 1.358 USD. If this area is broken, the altcoin could extend its upward wave to the R4 area around 1.495 USD.

However, the RSI indicator reaching 78 on the 4-hour chart indicates that BNB is entering the overbought zone, raising the possibility of a technical correction. Nevertheless, the signal from the MACD remains positive as the green histogram bars continue to expand and the two moving averages are trending upwards, indicating that bullish momentum is still prevailing.

Daily BNB/USDT chart | Source: TradingViewConversely, the important support area to watch is at 1,220 USD – corresponding to the R2 axis that has been converted into support.

DeXe maintains an upward trend, indicators enter the overbought zone

DeXe (DEXE) continues to show strength by maintaining an impressive upward trend, trading around the 13.00 USD mark on Wednesday — nearly 8% higher than the previous session. The token of this DeFi platform has clearly broken above the downtrend channel, currently holding above the R1 resistance level at 12.68 USD and aiming for the next target at 14.22 USD ( the low recorded on 1/4), before challenging the R2 zone at 15.88 USD.

Daily DEXE/USDT Chart | Source: TradingViewThe RSI indicator reached 74, indicating that DEXE is in the overbought zone, signaling that the upward momentum may temporarily slow down. However, the MACD signal continues to maintain a positive trend as the green histogram bars continue to expand, reflecting that the fundamental demand is still supporting the price.

Notably, the 50-day EMA has crossed above the 100-day EMA, forming a golden cross (bullish cross) – a signal reinforcing the short-term recovery outpacing the medium-term trend.

In the adjustment scenario, the 12.68 USD level will be the key support to hold; if this support is lost, the price may seek technical buffer zones around the 200-day EMA at 10.01 USD and the central pivot point at 9.70 USD.

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