- BAKE token price retests the trendline successfully post-breakout and may rise again soon.
- The token price hangs close to the 50 4-hour EMA and continues to rise towards the 100 EMA.
- The pair of BAKE/BTC is trading at 0.00006165 BTC with an intraday fall of -6.14%.
BAKE token price has been trending lower since the listing under the influence of a strong resistance trendline. Despite many bullish attempts, the price failed to rise above the trendline.
The downtrend led the price to the depths of the $1.70 mark. However, the $1.70 mark level acted as a strong demand zone that helped the price push back higher. The uptrend backed with increased trading volume broke above the resistance trendline.
Presently, the BAKE token price trades at $2.06, with a -6.14% fall of the market cap in the past 24 hours. Furthermore, the intraday trading volume has fallen 57.24%, indicating a loss in the number of players.
Increasing Volatility With Increased Volume in the BAKE Token Price
In the 4hour time frame, the BAKE token price has risen more than 7%, indicating the prices are ready to move higher after retesting the trendline. However, Investors must wait to enter the trend as the resistance levels are very close.
The coin price breached the level of $2.12 while retracing back to the resistance trendline. The latest price jump could be a retest of that bearish breakout. Investors must wait patiently for the price to close above this level.
The coin price may find resistance near the $2.52 and $3.5 marks if the price soars up. On the flip side, the strong support level of $1.70 rests to push the price back.
The relative strength indicator (bullish) implies a rising underlying bullishness as the RSI line spikes up from the neutral zone and heads higher to the overbought zone.
The ADX indicator projects a loss in trend momentum as the slope of ADX falls.
Conclusion: From the technical perspective, investors should wait for the price to close above the desired resistance level before taking any bullish entry. Moreover, investors must follow the risk management rules strictly as the volatility in the price chart increases.
Support- $1.70 and $1
Resistance- $2.5 and $3.5