BakeryToken and UMA are crumbling under the weight of sellers. From the daily chart, BAKE /BUSD could drop to $1. Meanwhile, UMA/USDT is open for $7 after June 25 losses.
The CertiK-certified token swapping platform running on the Binance Smart Chain (BSC) uses BAKE for governance.
The path of the least resistance is still southwards.
From the daily chart, there were attempts for higher highs, but bears of June 25 quashed attempts.
Therefore, while BAKE bulls are optimistic, expecting price gains in the days ahead, BAKE is under immense pressure at spot rates.
At the time of writing, BAKE is down 12 percent versus the USD.
BAKE/BUSD is trading within a bear breakout pattern with caps at $3.
Prices are wavy inside June 23 bull bar, favoring buyers—at least in the short-term.
Even so, since BAKE/BUSD is within the double-bar bullish pattern of June 22 and 23, buyers stand a chance.
BAKE sellers have the upper hand, reading from the daily chart.
Accordingly, every pullback to $3—in such a bearish trend, could offer a selling opportunity for traders. Bears can aim for $1 in the short term.
On the reverse side, a reversal from spot rates and subsequent confirmation of the recent double-bar bull reversal pattern may inject momentum, driving BAKE towards $3 and the middle BB in a welcomed shift of trend.
The protocol facilitates the creation of synthetics on Ethereum. Their objective is to decentralize the global derivatives financial markets using UMA as the primary token.
At the time of writing, UMA is struggling to stay afloat in a deluge of sell pressure.
In a bear trend continuation pattern, sellers have been successful in pinning down bulls, reversing recent gains.
The token is down four percent against the USD.
UMA/USDT price action is negatively slanted, indicating overwhelming sell pressure and the inability of buyers to contain the charge.
Key reaction levels lie at $11 on the upside and $7 in the immediate term.
As we advance, every high could be a selling opportunity for aggressive bears, moving in sync with the price action of May and June.
The downtrend is clear, and UMA bears are dominant.
The bear engulfing pattern of June 25 is enough proof.
Therefore, in trading with the trend, UMA traders may find selling opportunities with every pullback as they target $7.
If UMA finds revival and prices edge past the middle BB, bulls may drive the coin back to $11.