(CAKE) remains strong, rallying over 16% since the start of November, and is now just under the $2.66 mark. The rally comes on the back of a 1.28 million CAKE token weekly deflationary burn, lowering total supply to 359 million (Dune Analytics on-chain data shows the burn was greater than token emissions).
Positive funding rates (0.0041% on Coinglass) are now firmly in the long position (which is often seen as bullish).
From a pure technical standpoint, CAKE is facing resistance at $2.69 (50-day EMA), so a continuous move higher above this level can push the price higher toward a Fibonacci retracement target of $3.42 (accompanied by a bullish MACD crossover and RSI reading above 50). Support will happen at $2.13 in the event this rally fails, where accumulation has taken place.
Institutional Confidence Firm Despite the Volatility in October
Sygnum Bank indicated that 61% of institutional investors plan to increase crypto exposure (albeit the pullback in October’s market).
A survey of 1,000 investors showed that 55% maintain a short-term bullish outlook, emphasizing that volatility has not dented their long-term conviction.
More than 80% of respondents expressed interest in altcoin ETFs, while 70% indicated that they would increase exposure if staking rewards were offered through regulated ETF products.
Sygnum’s lead researcher, Lucas Schweiger, highlighted that the end of the could lead to “bulk ETF approvals,” spurring a new wave of institutional inflows.
“Investors are now better informed, discipline has tempered exuberance, but not conviction,” Schweiger said.