PancakeSwap and BakeryToken prices are mixed bag. While BAKE/BUSD has support above $1.5 adding 14 percent, a close above $15 could trigger buyers, thrusting CAKE/USDT to $20.
The Uniswap-copy in the Binance Smart Chain (BSC) is powered by CAKE used for governance.
The CAKE price is bouncing back after lower lows of early this week.
Technically, sellers are in the driving seat.
However, prices range below the main resistance line at $15—flashing with June 21 highs.
Overly, a close above this mark would shift price action in favor of buyers in the medium term.
As of writing, CAKE is relatively stable as buyers find support.
From the daily chart, CAKE/USDT is under pressure.
Still, July 14 long-lower wick may indicate demand in the lower time frames.
Accordingly, aggressive CAKE traders may find loading opportunities in lower time-frames.
Nonetheless, in a range-bound market, a close above the two demarcating levels could either spell bear trend continuation or a shift in momentum for PancakeSwap bulls.
The path of the least resistance remains southwards for PancakeSwap prices.
CAKE/USDT buyers have resistance at $15.
If bulls build on late NY Session gains, CAKE may rise above June 21 in a buy trend continuation pattern of Q1 2021.
Immediate targets are at $20. Conversely, deep losses below $12 could see CAKE/USDT disintegrate to $8.
BAKE is central to the BakerySwap DEX in the BSC. The token is for general governance, giving control to holders.
Sellers appear to be in control, tracking along the middle BB despite today’s gains.
This would remain the state of affairs in the short to medium term unless BAKE bulls reverse losses of last week, taming relentless sellers.
As of writing, BAKE is up 14 percent versus the USD. However, BAKE/BUSD is inside a $1 zone with caps at $2.5 and $1.5.
Technically, BAKE/BUSD is in a downtrend.
In Q2 2021, BAKE fell over 80 percent from May 2021 highs.
However, BAKE/BUSD prices are presently printing higher highs relative to the lower BB, suggesting possible support that needs confirmation.
Aforementioned, BAKE/BUSD prices are in range with resistance at $2.5 and the middle BB.
For buyers to be in charge, a high volume close above last week's highs may see BAKE/BUSD rally to $3.
On the flip side, losses below $1.5 are enough to catalyze a sell-off back to Q2 2021 lows at $1.