- BAKE token continues to fall within a parallel channel and has hit the low of $1.7 after reaching the heights of $8.
- The coin price faces a rise in selling volume as the price falls without finding any support level.
- The BAKE/BTC pair is trading at 0.00005692 BTC with a fall of 2.64% in the market cap.
BAKE token price fails to find any demand in the daily time frame after facing rejection near the $8 mark. The coin price is moving in a downtrend under the influence of a falling parallel channel.
The coin price has faced an increase in selling pressure as the entire crypto market is sloping. The coin price may continue to trend lower as the price chart shows no sign of reversal.
Presently, the BAKE token price trades at $1.78, with a 10.8% fall of the market cap in the past 24 hours. Furthermore, the intraday trading volume has fallen 12.24%, projecting a consolidation after the fall.
The Uniqueness of BAKERY SWAP
Bakery Swap runs on the Binance Smart Chain. The BAKE-BNB pool aims to provide ten times the rewards compared to other collections.
BakerySwap, a Binance Smart Chain-based AMM, offers liquidity pools for altcoins such as LINK, DOT, and others. It works through initial liquidity pools. It is done to facilitate the creation of new liquidity pools by the community. BakerySwap has two types of liquidity pools: with BAKE rewards and without them.
BakerySwap commissions a 0.30% fee on all swaps and trades, out of which 0.25% go to liquidity providers.
The liquidity providers are then given liquidity pool tokens that represent their share of each pool. Through these tokens, liquidity providers can earn a fraction of the fees collected in the pools when removing the liquidity. Liquidity providers can then stake Bakery LP tokens to farm BAKE token rewards.
Bulls Fail to Change The Trend In BAKE Token Price
In the 4hour time frame, the BAKE token price is trading below the 100 and 50 EMA, projecting a downtrend as the selling pressure rises. The coin price may soon hit the low of $1, suggesting investors avoid any bullish entry.
The relative strength indicator (Bearish) implies a rising underlying bearishness as the RSI line falls from the neutral zone and faces heads lower into the oversold zone.
The ADX indicator represents a sideways movement projecting a loss in trend momentum as the price rests near the $1.8 mark.
Conclusion: From the technical perspective, investors should avoid any bullish entry as the BAKE token price slopes. The coin price may soon hit the low of $1 mark representing the unlucky listing timing of the coin.
Support- $1.8 and $1
Resistance- $2.5 and $3