PancakeSwap CAKE Price Rally Gains Momentum as Supply Tightens

The CAKE price is nearing its target of $1.60 as it continues to climb. The supply backdrop is tightening, and the PancakeSwap burn mechanism has removed 556,000 tokens worth approximately $812,000 from circulation.

This reduction in circulating supply is strengthening the fundamental narrative for CAKE. However, a price breakout above $1.60 still needs confirmation. A sustained daily close above this level would shift focus toward the next resistance zone around $1.65 and potentially $1.70.

The momentum has improved, with the daily RSI around 71, indicating that buyers have regained control but also that the move is entering a stretched zone. If buyers successfully convert $1.60 into support, the market structure would shift from a recovery attempt toward a more credible bullish continuation.