BAKE and COTI Technical Analysis: What to Expect?

Dalmas  |  Apr 26, 2021

BAKE and COTI prices are firm and could spring higher in days ahead. COTI/USDT may bounce back to $0.35 and $0.60, while BAKE/BUSD appears ready for $2.25.

BakerySwap (BAKE)

BakerySwap is a swapping protocol in the Binance Smart Chain (BSC) powered by the BAKE governance token.

Past Performance of BAKE

From the daily chart, BAKE technical analysis suggests strength. The token is moving within a tight $1.15 and $1.40 trade range with renewed participation. Trading volumes have tripled 3X to $21 million on the last trading day.

Days-Ahead and What to Expect

BAKE is trading at $1.40, adding 14 percent on the last day, reversing last week's losses. The token has also gained versus BTC and ETH during the previous trading day, specifically adding versus BTC week-to-date.

There is a double bar bullish reversal pattern with increasing volumes, as shown by Apr 24 and 25.

BAKE/BUSD are trending below the 20-day moving average but reversing from around the 78.6 percent Fibonacci retracement of the Q1 2021 trade range.

BAKE/BUSD Price Forecast

BAKE Daily Price Chart for Apr 26

From the daily chart, BAKE buyers stand a chance. Also, a hammer precedes a double bar bullish reversal pattern with equally high trading volumes.

Aggressive traders may buy the dips at spot rates provided BAKE prices are above $1.20—the immediate support levels.

Risk-averse traders can wait for trend-defining gains above $1.7—Apr 18 highs, as they target at $2.25—Apr 2021 highs.

COTI

A crypto-enabled payment system is what DeFi purists dream of, and COTI aims to build that reliable platform.

Past Performance of COTI

COTI prices are bouncing back after protracted losses. As of writing on Apr 26, COTI is trading at $0.30, adding 10 percent on the last day versus the USD, rewinding losses week-to-date.

Trading volumes are up 38 percent to $56 million on the last day of trading.

Day-Ahead and What to Expect

From COTI price forecasts, there are hints of strength expectedly after a 12X surge year-to-date.

Apr 20 bull bar, visible on the daily chart, anchors COTI/USDT price action. Since the price is oscillating in this high-volume bull bar, buyers have a chance as long as prices are above $0.23—the 61.8 percent Fibonacci retracement level of the Q1 2021 trade range.

COTI/USDT Technical Analysis

COTI's uptrend is valid.

A break above $0.35—or Apr 18 and 19 highs, may see COTI/USDT rise to $0.45 and $0.60, respectively.

Bear pressure driving COTI below $0.20 may see the coin cave to $0.15—the 78.6 percent Fibonacci retracement level—the immediate sell target.

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