- Bakery Coin has been making low-highs since its all-time high and has lost over 90% so far.
- The trading volume of the BAKE token has seen a decrease of around 70% in the last 24 hours.
- The BAKE/BTC pair is trading with a decline of 5.9% at 0.0000209 Satoshis.
The bakery token is underperforming after recording an all-time high of $8.4 on May 02. Since the price behavior of ATH MARK BAKE token provides a low-high indicator and each rise turns into a bear opportunity; hence, BAKE token has endured more than 90% loss so far.
At the end of March, BAKE holders were so aggressive in investing and also saw a sharp rise to a high of $1.67- by 2022. But the bears turned active again near the long-term sloping trend line (blue), which resulted in the coin falling lower, but not breaking the previous lows. This minor correction is drawing a short-term upward trend line from the demand zone (green).
However, the BAKE coin has strength for an upward move as it is trading above the bullish trend line. Despite the uptrend, the BAKE token saw a loss of 8.6% over the past 24 hours and was not trading at $0.828 at the time of writing. Moreover, the BAKE/BTC pair is trading with a decline of 5.9% at 0.0000209 Satoshis.
Recently, BAKE holders saw a rejection from the red clouds of the Ichimoku indicator in the context of the daily price chart. Short sellers attempt a selloff again near the $1.0 to $1.10 mark. However, the BAKE token recorded a drop of almost 70% in its trading volume last night.
BAKE observes near conceptual level $1.0
The daily RSI noted a sharp pullback from the overbought zone in early March. Now the RSI indicator looks sideways near the half-line.
The ADX indicator is forming a high-low and the indicator is now at 24-mark, which suggests some strength in the bullish momentum of the BAKE token.
conclusion
The Bakery token seems to be slightly bullish from the uptrend line. On the other hand, the bears also have a long-term hedge zone near the sloping trend line. Investors should wait for confirmation of a directional trend.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.