BakeryToken (BAKE) is trading in an uptrend, like many other altcoins. This cryptocurrency just went up +500% in a week by breaking a rising wedge pattern with strong buying volume and surges over +700% in a month.
What is BakeryToken?
BakeryToken is a part of the BakerySwap ecosystem. Liquidity providers are rewarded with BAKE tokens which can be used to earn a share of BakerySwap’s trading fees and to participate in voting as part of BakerySwap’s governance process.
BAKE Price Analysis
At the time of writing, BAKE is ranked 85th cryptocurrency globally and the current price is $9.58 AUD. This is a +532% increase since 27nd April 2021 (7 days ago) as shown in the chart below.
After looking at the above 1-day candle chart, we can clearly see that BAKE was trading sideways and brokeout from the rising wedge pattern on the BAKE/BUSD pair. The first resistance was on the $3.65 AUD price levels which BAKE broke with a strong bullish trend buying volume, and is now heading towards the next resistance. BAKE could continue the uptrend as many other altcoins are waking up bullish today.
A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.Larry Swing on Investopedia [source]
What do the Technical Indicators say?
The BAKE TradingView indicators (on the 1 day window) mainly indicate BAKE as a buy, except the Oscillators which indicate BAKE as a sell.
Why did BAKE Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying BAKE for the next Altcoins rally. It could also have contributed to some of the recent news of BakeryToken invited to participate in Binance NFT Tuesdays!
Where to Buy or Trade Bake?
BAKE has the highest liquidity on the Binance exchange so that would help for trading BAKE/BNB or BAKE/BUSD pairs.
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