BAKE Technical Analysis: Price Needs to Break the First Fibonacci Pivot Resistance Level of $2.403
BakeryToken (BAKE) is a part of the BakerySwap ecosystem. Liquidity providers are rewarded with BAKE tokens, which can be used to earn a share of BakerySwap’s trading fees and to participate in voting as part of BakerySwap’s governance process.
BakerySwap is a decentralized automated market-making (AMM) protocol that is based on the Binance Smart Chain (BSC). The BAKE token is a native BEP-20 governance token on the platform.
Users have the ability to earn BAKE tokens by providing liquidity on BakerySwap, and BAKE holders can use their tokens for governance voting and to receive transaction fee dividends. The BAKE rewards are offered in several liquidity pools, initially including BTC, ETH, DOT, LINK, BUSD, and BAKE versus BNB. Let us look at the technical analysis for the same.
On Jun 23, 2021, BAKE opened at $1.962. It moved and closed at $2.351. The last 24 hours have seen an increase of 3.21% when it has traded between $2.295 and $2.309. BAKE saw a weekly gain of 2.67%.
Day-Ahead and Tomorrow
Currently, BAKE is trading at $2.327. The price has been falling, and the oscillators have been giving a downward trend. Thus, the market can go either way.
The MACD line is below zero, indicating a bearish trend, though the volumes are on an uptick. MACD is trying to cross above the signal line and remains to be seen that the volumes are giving the price a positive trajectory.
Currently, the RSI indicator is at 39%. It faced rejection at 68% and fell to the current level. However, the trading volumes have picked up for BAKE.
However, the OBV indicator is downward sloping quite steeply. Coupled with the price direction, this doesn’t bode well for today’s prices. With both price and OBV are making lower peaks and lower troughs, the downward trend is likely to continue
In short, the RSI and MACD oscillators have given bearish signals, while the OBV oscillator has given flat signals. Thus, we can say that currently, the overall market momentum is negative. But, we have to wait and watch, if the intermittent price rises are price corrections or indicative of a bearish trend reversal.
BAKE Technical Analysis
Currently, the price needs to break the first Fibonacci pivot resistance level of $2.403 to stay upwards. However, since it has been falling for the last few hours, the next level to see is to test is the Fibonacci pivot point of $2.256. Thereafter, we have to wait and watch if the price starts rising or continues to fall.
The price has tested and broken out of the 23.6% FIB retracement level of $2.670. The OBV indicator along with increasing volumes might show a dip in the next few hours and look at the next levels of $2.261.