COTI and BakeryToken (BAKE) Technical Analysis: What to Expect?
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COTI and BakeryToken (BAKE) Technical Analysis: What to Expect?

May 14, 2021      Dalmas Ngetich

COTI and BakeryToken technical analysis reveal a possible buy trend continuation. If $4.5 holds, BAKE/USDT may soar to $8.5. Meanwhile, a break above $0.40 could trigger a wave of demand, lifting COTI/USDT to $0.60.

BakeryToken (BAKE)

Part of the BakerySwap ecosystem, BakeryToken is a decentralized automated market-making protocol using the BEP-20 BAKE token for governance. It runs on the Binance Smart Chain (BSC)

Past Performance of BAKE

The BAKE token has been on a tear in recent days.

Trading at $5.72 as of writing on May 14, the BAKE token us up roughly 13 percent versus BTC, ETH, and the greenback.

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At the same time, trading volumes have expanded, adding 51 percent on the last day and rising to $232 million.

Day-Ahead and What to Expect

BAKE technical analysis suggests strength in lower time frames.

Although there was a cool-off, the path of the least resistance is northwards, as price action in the daily chart shows.

Presently, BAKE prices have support at the middle BB after recoiling, dropping 50 percent from April peaks.

BAKE/USDT Technical Analysis

BakerySwap Price Daily Chart for May 14

BAKE bulls are in control.

Since the middle BB is the primary support, every low above $4.5 may be a loading point with targets at April 2021 highs at $8.5. Ideally, for risk-averse traders, a close above $6.5 may trigger the ramp-up.

On the other hand, losses below May 12 lows at $4.5 may trigger a sell-off towards February 2021 highs at $3.

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This is the first enterprise-grade platform where businesses, including governments or stablecoin issuers, can build and launch their payment solutions. Their native currency is COTI.

Past Performance of COTI

COTI was trading at $0.36 last day, adding roughly nine percent across BTC, ETH, and the USD.

At the same time, COTI/USDT prices are bottoming up after falling 40 percent from the Q1 2021 peaks.

Overly, buyers are in control. Candlestick patterns of January to February upswing holds.

Day-Ahead and What to Expect

For every low, COTI/USDT technical analysis supports a ramp. Notably, momentum is stable despite participation contraction.

The average daily trading volumes shrunk 36 percent to $97 million. Presently, COTI/USDT prices are within a bull flag, clearer in lower time frames.

COTI/USDT Technical Analysis

COTI Price Daily Chart for May 14

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From price charts, COTI buyers are in control.

A close above the bull flag, at $0.40, may see price float to $0.60.

On the other hand, losses below $0.30 and $0.25 are enough to catalyze dumping towards $0.15 or worse.

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.