Chainlink, BakerySwap, and Synthetix Technical Analysis
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Chainlink, BakerySwap, and Synthetix Technical Analysis

April 21, 2021      Dalmas Ngetich

Chainlink, BakerySwap, and Synthetix technical analyses indicate stability and bulls. SNX/USDT could snap back to trend, even reaching $54. On the other hand, BAKE/BUSD remains in an uptrend with targets at $2.25 while LINK/USDT has support at $35.

Chainlink (LINK)

Underpinning DeFi are reliable oracles service providers, of which Chainlink is at the pinnacle. LINK is its native token used as a reward.

Past Performance of Chainlink

Previous Chainlink technical analysis indicates bulls and that prognosis is still valid.

Week-to-date, the LINK/USDT price is up six percent, gaining versus the USD and BTC.

Meanwhile, trading volumes shrunk 25 percent to $1.8 billion on the last trading day.

Days-Ahead and What to Expect

The LINK/USDT is within a $4 zone with intra-day support and resistance at $34 and $39, respectively. Trading at $39, the LINK price is up, adding five percent on the last day as bulls flow back in a retest.

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Still, LINK/USDT prices are ranging inside Apr 18 trade range, a net bearish for optimistic bulls.

The good news is that the Apr 18 bear has a long lower wick suggesting resistance to lower lows and buy pressure.

Besides, Apr 19 confirmed bulls as the bar rebounded from $35, confirming the bullish breakout pattern set in motion by Apr 14.

LINK/USDT Technical Analysis

Chainlink Daily Price Chart for Apr 21

A close above $43—or Apr 2021 highs will confirm bulls of Apr 14 in a buy trend continuation pattern of Q1 2021.

Therefore, it is imperative for LINK bulls to shake off Apr 18 sellers with increasing volumes completing a retest of Apr 20 with targets at $54—the 1.618 Fibonacci extension level of the Q1 2021 trade range.

On the flip side, losses below $35 and the middle BB could see LINK/USDT retrace to $25 in a correction.

Synthetix (SNX)

Trustless derivatives trading of tokens is here to stay. Synthetix is ahead of the pack, with SNX registering solid gains in the past few months.

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Past Performance of Synthetix

SNX/USDT technical analysis of the past few weeks point to buyers.

Presently, SNX is up six percent versus the USD and down against BTC and ETH with decreasing participation.

SNX average trading volumes fell 14 percent to $212 million on the last trading day.

Days-Ahead and What to Expect

SNX/USDT is trading within a bullish breakout pattern. On Apr 1, SNX bulls broke above the multi-week resistance level. Price action suggests a possible continuation, especially if SNX found support at $15.

Feb and March support at $15 is critical in determining SNX/USDT price action in the coming days.

SNX/USDT Price Forecast

Synthetix Daily Price Chart for Apr 21

SNX prices are ranging inside Apr 18 bear bar—bearish from an Effort-versus-Results perspective.

A close above $20 could trigger aggressive SNX bulls to open longs in a double bar bullish reversal pattern from $15, confirming gains of Apr 20. Immediate targets will be $22—or Apr highs.

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Profound losses below the primary support level at $15 may see SNX/USDT cratering to $11 in a bear trend continuation of mid-Apr 2021.

BakerySwap (BAKE)

The Binance Smart Chain (BSC) DeFi bakery serves hot bread, and BAKE is the enabler. BakerySwap’s TVL stands at $203 million.

Past Performance of BakerySwap

BakerySwap has decent volumes and liquidity. BAKE is changing hands at $1.51, adding 15 percent on the last day but under pressure week-to-date.

Days-Ahead and What to Expect

The BAKE price remains in an uptrend, inside Feb 19 bulls bar. In the immediate term, BAKE/BUSD is capped between $0.90 and $2.30 as reliable support and resistance.

The uptrend is firm and defined by gains of late Mar and early Apr 2021.

BAKE/BUSD Price Prediction

BakerySwap Daily Price Chart for Apr 21

The uptrend remains valid provided BAKE/BUSD trend inside Feb 19 bull bar.

A close above $1.7, reversing losses of Apr 18, would trigger a bullish wave that may lift BAKE towards $2.25.

On the flip side, losses below $1.20 may see BAKE prices crashing to $0.90—Mar 2020 lows.

#BAKE/BUSD #BakerySwap #Chainlink #DeFi #LINK USDT #SNX/USDT #Synthetix
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.