BAKE Technical Analysis: Price Likely to Breakout Resistance Levels of $7.29 and $7.77
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BAKE Technical Analysis: Price Likely to Breakout Resistance Levels of $7.29 and $7.77

May 8, 2021      Ankita Awasthi

BakerySwap is a decentralized blockchain network that is an AMM (Automated Market Maker) based on the Binance smart chain. BAKE is the governance token of this ecosystem. Users who provide liquidity are rewarded with BAKE tokens, and token holders enjoy voting rights in the governance process. The following BAKE technical analysis will predict price trends for the next two days:

Past Performance

On May 1, 2021, BAKE started trading at $4.31. On May 7, 2021, BAKE closed at $6.26. Thus, in the past week, the BAKE price has surged by roughly 45%. In the last 24 hours, BAKE has traded between $5.99-$7.26.

https://s3.tradingview.com/snapshots/4/4aVtin2M.png

https://s3.tradingview.com/snapshots/4/4aVtin2M.png

Day-Ahead and Tomorrow

Currently, BAKE is trading at $7.03. The price has increased from the day’s opening price of $6.26. Thus, the market seems to be bullish.

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The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to go up further.

Currently, the RSI indicator is at 60%. It has just fallen from the ‘overbought’ region. Thus, the buying pressures are high. Hence, like the MACD oscillator, the RSI oscillator is also pointing towards a price uptrend.

The OBV indicator is upward sloping. Thus, buying volumes are much higher than selling volumes. High buying activity will exert upward pressure on the crypto price.

In a nutshell, all three oscillators have pointed towards a bullish price trend.

BAKE Technical Analysis

The price is currently above the first Fibonacci pivot resistance level of $6.99. It is soon likely to break out of the subsequent resistance levels of $7.29 and $7.77, respectively.

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The price has tested and fallen below the 23.6% FIB retracement level of $6.91. By day end, it is expected to retest and break out of this level. The bullish trend is expected to continue today and tomorrow, even though intermittent price pullbacks cannot be ruled out.

#BAKE #BakerySwap
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.