Bakeryswap is a decentralized blockchain network that is an AMM (Automated Market Maker) based on the Binance Smart Chain. BAKE is the native token of this ecosystem. Users who provide liquidity on this network are rewarded with BAKE tokens and token holders enjoy voting rights in the governance process. Let us see what the technical analysis for BAKE looks like.
On Jun 8, 2021, BAKE opened at $3.27. On Jun 14, 2021, BAKE closed at $3.35. Thus, in the past week, the BAKE price has increased by roughly 2.5%. In the last 24 hours, BAKE has traded between $3.24-$3.38.
Day-Ahead and Tomorrow
Currently, BAKE is trading at $3.29. The price has decreased from the day’s opening price of $3.34. Thus, the market seems bearish.
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 start rising.
Currently, the RSI indicator is at 59%. It faced rejection at 61% and fell to the current level. Hence, selling pressures are slowly increasing. High offloading activity will push the BAKE price further down.
Besides, the OBV indicator has started falling steadily. Thus, selling volumes are gradually surpassing buying volumes. High selling activity will exert downward pressure on the BAKE price.
In short, when we look at all three oscillators together, we can say that the price pullback may continue for some more time. As of now, the price pullback looks like a corrective market action amidst an overall bullish trend. However, we have to wait and watch if the price pullback is indeed temporary or a continuation of the price downtrend.
BAKE Technical Analysis
Currently, the price is below the Fibonacci pivot point of $3.32. It may soon fall below the subsequent support level of $3.27. Thereafter, we have to wait and watch if the price breaks out of these levels or goes down further.
The price has tested and fallen below the 38.2% FIB retracement level of $3.29. The price may soon test and fall below the 23.6% FIB retracement level of $3.27 as well. If the price retests and surpasses these levels by day close, then probably the bullish trend is strong. In that case, the price upswing may continue tomorrow as well.