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- BAKE/USDT bounced from a low of $5.40 to a high of $6.50 in Saturday’s intraday session
- The BAKE/BTC pair is trailing at 0.00012 with a gain of 50% at press time
- According to BakeryToken analysis, today’s investment has a 43.1% investment return, with the value going to $8.67 within the next week.
As anticipated in our previous article, the BAKE token witnessed a strong breakout towards the upside, accompanied by an enormous green candlestick on the 4-hour chart. However, the momentum saw a halt when the price action reversed to backtest the descending trend line as support.
In compliance with pivot points, major support is placed at the $4.68 range, where BAKE has bounced off to seek gains worth 42%. In addition to the bullish momentum, the key EMA’s are in sync with the price action and are about to entertain a golden cross any moment from now.
BAKE token on the 1-hour chart.
The 1-hour chart of BAKE forecasts another strong impulsive wave which is most likely to be followed by a pullback to backtest the resistance of $6.6. The price action has dictated a very consistent uptrend replicated by strong impulsive waves and minor pullbacks.
The current price of BAKE is hovering at $5.96 and has flashed a golden cross, leading to the price flourishing by 28%.
The technical indicators have displayed a strong buy signal for BAKE, as evidenced by the MACD, which levitates in the positive territory.
The RSI, on the other hand, has cooled down after providing spending extensive time in the overbought territory.
CONCLUSION: BAKE has delivered a very favorable price action as demonstrated by the charts. The breakout from the descending triangle pattern has only kickstarted the bullish momentum. The token only has to tackle two resistance zones before it embarks on its journey towards establishing another ATH.
Investments in cryptocurrency are subjected to market risks. Investors should conduct their due diligence before investing.
SUPPORT: $4.68
RESISTANCE: $6.6, $7.3
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
