- The BAKE Token raises 30$ in value after a breakout from the parallel channel.
- The coin price is trading above the 20 and 50 EMA, in the 4-hour timeframe, with slightly increasing buying volume.
- The pair of BAKE/BTC is trading at 0.0001556 BTC, with an intraday move of +6.15%.
BAKE token price jumped 30% in value in a bearish market within 48 hours. The breakout of the parallel channel with a boost in buying volume led to this growth. The price is trading close to the resistance zone near $7. The increasing buying volume may drive the price even higher. As per the pivot points, BAKE token price may face resistance near $8.5 and $10. The support level of $6.5 along with the support trendline may hold the prices up. The live BAKE token price today is $7.05, with a 24-hour trading volume of $603,043,524. The token is down 3.67% in the last 24 hours. The current market cap ranking is #86, with a live market cap of $1,330,511,698
Reasons behind BAKE beating the bear market
How is BakerySwap unique?
BakerySwap charges only a 0.30% fee on all trades and swaps, out of which 0.25% go to liquidity providers. BAKE delivers liquidity pools for altcoins such as LINK, DOT, and others. Ten times rewards are expected to be provided by the BAKE-BNB pool in comparison to the other pools.
BakeryToken, launched in September 2020, is a part of the BakerySwap ecosystem. One of the major reasons behind the BAKE token price jump is the arrival of the NFT marketplace on BakerySwap. Currently it costs 0.01 BNB to mint an NFT.
On May 16th, BakerySwap announced in a tweet that ”Crypto Doggies NFT will arrive in BakerySwap tomorrow! Money bag Doggy Shop in Gamification & NFT trading & staking will begin at 07.00 UTC”.
Source – Twitter
Conclusion- BakerySwap provides all the needs a user seeks in a DeFi protocol. Its decentralized exchange and liquidity pool offer a way to use cryptocurrencies as a way to earn. It also helps DeFi projects raise funds through its launchpad. BakerySwap enables to leverage every bit of growth DeFi and will experience in upcoming days. The explosive price surge, since its launch, reflects the growth potential in the BAKE token. In a nutshell, BakerySwap is a robust, high-growth player.
Support – $6.5
Resistance- $8.5