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How and why will farm auctions hold up CAKE’s value

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PancakeSwap’s CAKE is finally leaning on the bullish side, after a heavily bearish period over the last few months. It is now overbought for the first time since April and this might translate into a big sell-off.

PancakeSwap has now announced farm auctions in the first week of August, with the market continuing to show strength. Could this be a sign that CAKE will soon push towards the $5 price level?CAKE was trading at $4.06, at press time, with the alt up by roughly 60% from its lowest price level in 2022.

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