Long

BakeUSDT

Based on the chart and the provided information about the **BAKE/USDT** pair, here is a detailed analysis:
### Technical Overview:
1. **Fibonacci Retracement**:
- **0.618 (5.19 USD)** is a critical resistance level and an achievable target in a bullish scenario.
- **1.618 (13.59 USD)** represents a more ambitious goal, requiring strong bullish momentum.
- **2.618 (21 USD)** is an optimistic target, dependent on favorable market conditions and significant buyer demand.

2. **Historical Data**:
- **Previous ATH**: 8.48 USD (a strong psychological resistance level).
- **Current Price**: 0.4216 USD. Achieving the ATH would require a ~1900% increase.

3. **Total Supply**: 289 million coins is a relatively low supply, which can support price appreciation if demand rises.

4. **Trading Volume**: The trading volume has increased to 32 million USD, reflecting growing interest, which is a positive short-term catalyst.

### Fundamental Analysis:
- **Market Sentiment**: If Bitcoin and major cryptocurrencies maintain an uptrend, altcoins like BAKE are likely to follow.
- **Utility**: The coin's demand depends heavily on its use case within its ecosystem.
- **Competition**: BAKE's success will also rely on how well it competes with similar projects in the DeFi or NFT space.
### Price Possibilities:
1. **0.618 (5.19 USD)**:
- Probability: **30%-40%** (requires a broad market rally and increased investor confidence).
2. **1.618 (13.59 USD)**:
- Probability: **15%-20%** (requires sustained momentum and strong fundamentals).
3. **2.618 (21 USD)**:
- Probability: **5%-10%** (highly optimistic, depends on a major bull run and significant adoption).

### Chances of Surpassing the ATH:
- **Overall Probability**: ~25%-30% within the next 1-2 years, contingent on a strong bull market and favorable macroeconomic conditions.
### Conclusion:
BAKE has reasonable chances to reach the **0.618 level (5.19 USD)** during an extended bull market. However, surpassing its previous ATH of 8.48 USD and targeting **13-21 USD** will require exceptional market performance and substantial demand growth.

https://www.binance.com/en/square/post/17192593425361

felixxx

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.