- BAKE token price fails to rise above the $2.4 mark to create a new higher high.
- The token price is trading between the 20 and 200-period EMA in the 4-hour timeframe.
- The pair of BAKE/BTC is trading at 0.00006512 BTC with an intraday fall of -3.45%.
BAKE token’s price recently jumped 30% to rise to the $2.40 mark; however, the token price failed to rise above to create a new higher high. The token price action projects sideways movements after the breakout of the previous resistance trendline.
The jump in trading volume did help the token price jump, but it failed to sustain the growth as the price retracedretraces back. Nevertheless, investors might see the price continue uptrend if the buying pressure resurfaces.
Presently, the BAKE token price trades at $2.05, with a -5.65% fall of the market cap in the past 24 hours. Furthermore, the intraday trading volume has increased by 127.24%, indicating a rise in the number of sellers.
Is It a RetracementIt Retracement or Downfall For BAKERY TOKEN Price?
In the 4hour time frame, the BAKE token price rosehas risen more than 30%, indicating the prices were ready to move higher, but the bulls failed to maintain the buying pressure. However, Investors must wait to check if the bullish pressure resurfaces.
The coin price has retractedretraced back around 10% after facing opposition near the $2.4 mark. However, investors could consider this a downfall if it breaches below the 20-period EMA.
The coin price may find resistance near the $2.50 and $3.00 marks if the price jumps up. On the flip side, the solid support level of $1.70 patiently holds up to push the price back.
The relative strength indicator (Bearish) implies a sudden fall in underlying bullishness as the RSI line spikes down from the oversold zone and heads lower to the neutral area.
The ADX indicator projects a rise in trend momentum as the slope of ADX slowly rises.
Conclusion: The BAKERY Token seems to have failed in rising above the previous swing high. However, investors must wait patiently to check if the bulls try with another attempt. A closing above the $2.5 mark could result in a bullish rally.
Support- $1.70 and $1
Resistance- $2.5 and $3.00