BakeryToken (BAKE) and the Graph (GRT) Technical Analysis: What to Expect?
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BakeryToken (BAKE) and the Graph (GRT) Technical Analysis: What to Expect?

June 8, 2021      Dalmas Ngetich

BakeryToken and The Graph prices are steadying below critical resistance levels. BAKE/BUSD is bullish above $3 while GRT/USDT is capped but could rally to $1.3.

The Graph (GRT)

The GRT token is behind this indexing protocol enabling data analysts to extract data from public ledgers like Ethereum, IPFS, and more.

Thousands of developers have so far deployed over 3,000 sub-graphs.

Past Performance of the Graph

At the time of writing, the GRT price is under sell pressure, moving below the middle BB. Of note, sellers are in control, squeezing GRT bulls and unwinding the end of last week’s gains.

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From the daily chart, GRT is down 11 percent versus the USD.

Meanwhile, trading volumes are up 48 percent to around $148 million on the last trading day.

Day-Ahead and What to Expect: The Graph

Overly, as aforementioned, sellers are in the driving seat.

However, for GRT bulls to take control, there must be a convincing close above the middle BB with above-average trading volumes signaling participation and interest from traders.

In the immediate term, the June 3 bull bar defines the token’s trajectory.

GRT/USDT Technical Analysis

GRT Price Daily Chart for June 8

GRT is down over 85 percent from Q1 2021 peaks, hinting at sell pressure.

From the daily chart, GRT/USDT prices are in range inside the June 3 bull bar.

A close above $1 may lift GRT prices towards $1.30 in a buy trend continuation.

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On the flip side, losses below $0.80 could discourage participation, allowing bears to drive GRT prices to $0.60.

BakeryToken (BAKE)

BAKE primes the Binance Smart Chain (BSC)-based swapping protocol. The token is also for governance.

Past Performance

As the crypto community moves away to decentralized protocols, BAKE is one of the few tokens in the BSC ecosystem benefiting from the influx.

In the short term, BAKE is under pressure. It is down 18 percent on the last day but nonetheless bullish from a top-down approach.

On the last trading day, BAKE trading volumes are up 41 percent to $132 million.

Day-Ahead and What to Expect: BakeryToken

BAKE/USD is trading within a bullish breakout pattern following late April 2021 gains.

In a retest of late May 2021, bulls are still flimsy, capped at the 20-day moving average.

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February 2021 highs at $3 form a critical support level.

BAKE/BUSD Technical Analysis

BAKE Price Daily Chart for June 8

In a bullish breakout pattern, BAKE participation is dropping despite trader confidence.

The middle BB and $5 forms the immediate resistance. If broken, BAKE could easily float to $8.5 in confirmation of late April and early May 2021 bulls.

Losses below $3 invalidate the uptrend, attracting BAKE sellers aiming at $1—H2 May 2021 lows.

#BAKE #BAKE/USDT #BakerySwap #GRT #GRT/USDT #The Graph
Dalmas Ngetich
Dalmas Ngetich

Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.