Bake token (BAKE) has struggled to break above the key resistance level of $0.29 as the price has remained in a range. For weeks, the price of Bitcoin (BTC) fluctuated between $19,500 and $20,000, with the price stalling on the next movement. Most altcoins, including Bake token (BAKE), have struggled to break out of a downtrend as a result of this choppy movement. (Data from Binance)
Bake Token (BAKE) Price Analysis On The Weekly Chart
BAKE has struggled to replicate the bullish move that saw the price rally to $2 in recent months, creating the excitement of a bull run.
After falling from an all-time high of $9, BAKE has struggled to stay afloat as the price keeps dwindling with no sign of a major bounce. With the current indicators, BAKE could be poised to rally from its weekly low of $0.2 to around $0.4.
The price of BAKE is facing resistance at $0.29; if the price of BAKE flips this region, we may see the price surge higher.
If the price of BAKE maintains this bullish structure, we could see the price of BAKE breaking off of its first resistance at $0.29 with more buy volumes.
Weekly resistance for the price of BAKE – $0.29-$0.4.
Weekly support for the price of BAKE – $0.2.
Price Analysis Of BAKE On The Daily (1D) Chart
Daily BAKE Price Chart | Source: BAKEUSDT On Tradingview.com
Following the formation of a bullish pattern, the price of BAKE struggled to break above the symmetric triangle formed, as it broke below the bullish pattern, sending the price of BAKE to its daily support.
BAKE has since struggled to regain the bullish pattern, trading below the 50 and 200 Exponential Moving Averages (EMA) on a daily basis. The price levels of $0.285 and $0.56 correspond to the 50 and 200 EMAs, which act as resistance to the BAKE price.
Daily resistance for the BAKE price – $0.285.
Daily support for the BAKE price – $0.2.
BAKE Price Analysis On The Four-Hourly (4H) Chart
Four-Hourly BAKE Price Chart | Source: BAKEUSDT On Tradingview.com
The price of BAKE in the 4H timeframe continues to look bullish after forming a bullish divergence, with the price bouncing off from its downtrend line, rallying from $0.22 to $0.27.
BAKE price trades above the 50 EMA but below the 200 EMA. The price at 50 EMA, which correspond to $0.25, acts as support while the 200 EMA acts as resistance with the price at $0.275.
The price of BAKE needs to break above the 200 EMA price with good volume and have a chance to trend higher to a price of $0.4.
On the 4H chart, the Relative Strength Index (RSI) for BAKE is below 50, indicating a moderate buy order.
Four-Hourly resistance for the BAKE price – $0.275-$0.4.
Four-Hourly support for the BAKE price – $0.25.
Featured Image From zipmex, Charts From