BakeryToken Analysis: Will Bake Smash the $1 Mark This Month?

• 1 BakeryToken is trading above the key moving averages, showcasing bullishness.
• 2 Bake took a rejection from the $0.90806 level.

BakeryToken price has been trending upward in the last session and has maintained an upward trend above its key EMAs near the $0.90806 cluster in the bullish zone. The chart shows bullish momentum.

Moreover, the price action is favorable for buyers and the chart shows steady growth activity. The price of BakeryToken is on an upward trajectory. If it exceeds this, the price will return to the high of $1.00. Conversely, the lower trajectory is near $0.36, a breakout of which will take the price back to the 200-day EMA near $0.29.

At press time, Bake was bearish, up 10.70% intraday and trading at $0.75515. Moreover, the 24-hour trading volume is $320.736 Million. However, the market capitalization of Bake is $219.226 Million.

The token performance throughout the year was fabulous. It has given a remarkable return of 491.83% year to date and 635.30% in the last 6 months. In the previous 3 months, it gave a return of 568.89% and last month, it increased by 386.46%. Additionally, the token surged by 245.74% last week, showing bulls’ strength.

Technical Analysis of BakeryToken Crypto Price in 1-D Time Frame

Source: BakeryToken.1D.USD by TradingView

The BakeryToken (USD: Bake) cryptocurrency is currently trading above its 50-day and 200-day simple moving averages (SMAs), which support its price momentum. The current RSI value is 76.98 points. The 14 SMA is above the center line at 67.85 points, highlighting the bullish nature of the BakeryToken cryptocurrency.

The MACD line at 0.13496 and the signal line at 0.07956 are above the zero line. There is a bullish crossover in the MACD indicator, which indicates solid momentum in the price of the Bake cryptocurrency.

Short-term Price Analysis on the 4-hour Chart

Source: TradingView

BakeryToken price is bullish and is hovering at the highest volume. However, the trend is strong and buyers are trying to break the zone and hold above $1.00. The RSI curve is around 63, which is close to the neutral level, and the price is forming a positive outlook, which contributes to the bullish momentum on the chart.

The MACD indicator has shown a bullish crossover, but the green bar is seen on the histogram, indicating that a crossover is imminent. However, price is likely to consolidate in the short term.

Summary

Technical oscillators for BakeryToken (USD: Bake) support the bullish trend. MACD, RSI, and EMAs highlight positive signals, suggesting that the upward trend in the price of the Bake cryptocurrency will continue. Price action suggests that investors and traders are optimistic on a daily basis. Price movements reflect the current optimistic outlook.

Technical Levels:

Support Level: $0.74031.

Resistance Level: $0.90806

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions

Adarsh ​​Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.

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