The price of Bake token (BAKE), has not been able to surpass the $0.29 resistance. It has also remained within a narrow range. The price of Bitcoin (BTC), fluctuated between $19,000.500 and $20,000 for weeks. However, it remained stable with each new movement. This choppy movement has caused many altcoins (including Bake token (BAKE)), to struggle to get out of a downtrend. Data from Binance
Baking Token (BAKE), Price Analysis on The Weekly Chart
BAKE failed to recreate the bullish rally that saw the price rise to $2 in the recent months.
BAKE fell from $9 as its all-time peak, but has had difficulty staying afloat due to the fact that the price is continuing to fall without any sign of an uptrend. BAKE may be on track to rebound from the weekly low of $0.2 and reach $0.4.
BAKE currently has a resistance price at $0.29. We may see a price rise if this price flips.
BAKE’s bullish price structure could continue, and we may see BAKE break through at $0.29. This would be accompanied by more volume buys.
Weekly resistance for the price of BAKE – $0.29-$0.4.
Weekly support for the price of BAKE – $0.2.
The Daily Price Analysis Chart for BAKE
BAKE’s price failed to rise above the symmetrical triangle it formed following the formation of bullish trends. BAKE broke below this bullish pattern and sent the BAKE price to its daily support.
BAKE continues to trade below the 200 and 50 Exponential Moving Averages daily, but has struggled since then to regain the bullish patterns. BAKE prices are resisted by the 200 EMAs and the 50 EMAs at $0.285 and $0.56, respectively.
Daily resistance for the BAKE price – $0.285.
Daily support for the BAKE price – $0.2.
BAKE Price Analysis for The Four Hourly (4H) Chart
BAKE’s 4H price continues to look bullish, after it formed a bullish diversgence. After rebounding off of its downtrendline, the price rallied between $0.22 and $0.27.
BAKE trades at the higher end of the 50 EMA and below the 200 EMA. With the price at $0.275, the 200 EMA is resistance and the 50 EMA serves as support.
BAKE must break the 200 EMA Price with Good Volume and has a possibility to rise to $0.4.
In the 4H chart, you can see that BAKE’s Relative Strength Index is (RSI) below 50. This means there has been a moderate order.
Four-Hourly resistance for the BAKE price – $0.275-$0.4.
Four-Hourly support for the BAKE price – $0.25.
Featured image from zipmex. Charts From