Maker (MKR) and BakerySwap (BAKE) Technical Analysis: What to Expect?
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Maker (MKR) and BakerySwap (BAKE) Technical Analysis: What to Expect?

May 24, 2021      Dalmas Ngetich

BakerySwap price is recovering from September 2021 highs, and BAKE/USDT may surge to $8.5. Meanwhile, Maker is buoyant, and MKR/USDT could reach $4.6k.

Maker (MKR)

MKR is the governance token of the MakerDAO and the Maker Protocol.

The former manages the lending platform, and the latter is for issuing out the DAI stablecoin.

Past Performance of MKR

After the steep losses of last week, the MKR token starts off the week with a firm footing.

On the previous day, the token is up 43 percent, adding over $1k.

With these gains, it has outperformed BTC, USD, and ETH.

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Meanwhile, the average trading volume in the past 24 hours has over 2.4x, a surge that indicates demand.

Day-Ahead and What to Expect

The long wick bear candlestick of May 23 has been confirmed with a bull bar. This points to demand as MKR/USDT indicates a potential reversal of last week’s losses.

Notably, prices are now back above February 2021 highs and may confirm dips of last week as a retest.

Aggressive traders may load on dips with immediate targets at $4.6k.

MKR/USDT Technical Analysis

Maker Price Daily Chart for May 24

The MKR/USDT price is at an inflection point.

The rapid declines of last week could signal the end of the bull market.

However, prices found support at a key support level. Besides, there is a three-bar bullish reversal pattern from $3k. Accordingly, every low above $3k could be a loading opportunity for aggressive sellers.

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At the same time, aggressive MKR traders can wait for a close above the middle BB before loading the dips in a buy trend continuation pattern.

BakerySwap (BAKE)

BAKE is the governance token of the BakerySwap and the Bakery Ecosystem. BakerySwap is a DEX on the Binance Smart Chain (BSC).

Past Performance of BAKE

After steep losses, BAKE prices are now bottoming up, recovering from last week’s hammering.

Of note, BAKE is up 33 percent, buoyed by increasing trading volumes which rose 181 percent to $306 million on the last trading day.

Day-Ahead and What to Expect

There is a double bar bullish reversal pattern on the daily chart, correcting the undervaluation of May 23.

Still, BAKE/USDT is trending below the middle BB. Also, bars are aligned along the lower BB, pointing to strong sell pressure.

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BAKE/USDT Technical Analysis

BAKE Price Daily Chart for May 24

BAKE prices are bouncing from September 2020 highs in a retest.

Although BAKE/USDT technical analysis favors sellers, aggressive traders can buy the dips as they target $8.5. On the reverse side, deep losses below $2 may see BAKE crater to $0.85.

#BAKE #BAKE/USDT #BakerySwap #DeFi #Maker #MKR/USDT
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.