$ BAKE | How do I expect to see BAKE in coming weeksBINANCE:BAKEUSDT
Here with another speculation about crypto assets. This time Bakery token with BAKE ticker. Let’s take a look at the project’s information:
Bakery swap is one the DEXes that is active on Ethereum, Base and Binance smart chain and covers token swaps, NFT swaps, pools. Tbh, I couldn’t find any advantages for bakery swap over other DEXes. But the technical perspective makes this token interesting.
$ BAKE
Market Cap: $ 114 m
Market Cap Rank: 479
Market Price: 0.396 $
ATH: $ 8 (-95%)
ATL: $ 0.007 (+5435%)
Technical highlights:
- W1:
Trend: (I believe in channels!)
Price has been in a descending channel for most of its crypto life, but things have changed since last week. The day that the price managed to break the upper bond of its descending channel after 3 time rejection. Currently, with one day left until the weekly candle close, the chart is printing 3 white soldiers. Let's keep this as a positive point for possible uptrend continuation and move for the next hints.
Dec 2023 price made a local high and Nov 2024 was the higher low of this trend.
Price bounced several times from $0.21 to $0.26 to prove it as a good support/demand zone. Not to mention that the first higher low in W1 printed by bouncing from that support.
MA: Price holding above MA20 and A50. In the weekly time frame, MA50 at 0.315 can act as support but since it’s never been tested after breaking, so I cannot rely on that just yet. On the other hand, in the daily time frame, MA20, 50, and 200 are located at almost the same price ($0.28 to $0.32). Now this area gets more interesting to me for possible S/R test level.
RSI: The value is around 62 and is strong in the weekly time frame, which supports the trend direction. The RSI value in the daily time frame is 74 and it's in an overbought condition. So, I think there will be a cooldown soon and the above-mentioned level will be the candidate for the pullback.
Stoch RSI: The Stochastic RSI is in the overbought zone, just like the RSI. That's another reason to expect a retracement.
Volume: The volume is not so good and looks weak. That suggests a retrace in my opinion.
In my point of view, channels play an important role in trend direction and targets. Each time the trend breaks a channel, a move toward the direction of the breakout with the size of the channel will mostly happen.
Supports:
$ 0.315 Ma50 in W1
$ 0.275 Ma20 in W1
$ 0.21 ~ $ 0.26 Demand zone
Resistances:
$ 0.47 ~ $ 0.50 D1 Supply zone
$ 0.90 Range high
$ 1.10 W1 Supply zone
$ 1.45
$ 2.50 Channel upper boundary
$ 2.80 W1 Supply zone
Conclusion:
All these opinions are mine and can be wrong, so please DYOR.
This token is a low cap and low caps are mostly volatile in bull runs. I expect sharp moves in the way to its final targets in both ways. This will make it more of a risky trade. So I will be more cautious and will surely manage my position size according to my strategy. I recommend you to do the same.
**I need more energy to carry on and comes from your support!. don't forget to hit boost, share and comment your point of view with me**
My strategy goes as below:
🛒 Pair: BAKE/ USDT 🛒
👑 Bitcharge 👑
🕰 07/12/2024 🕰
POSITION: 🟢"Buy"🟢
2 % of capital
🛒 Buy: $ 0.270 – $ 0.315 🛒
👉Sell Targets👈
🎯TP1: $ 0.36 🥉
🎯TP2: $ 0.39 🥈
🎯TP3: $ 0.46 🥇
🎯TP4: $ 0.52 🚁
🎯TP5: $ 0.65 ✈️
🎯TP6: $ 0.72 🚀
🎯TP7: $ 0.89 🛰
🎯TP8: $ 0.96 🛰
🎯TP9: $ 1.05 ✨
🎯TP10: $ 1.25 ⭐️
🎯TP11: $ 1.45 💫
🎯TP12: $ 2.10 🪐
🎯TP13: $ 2.80 🌞
⛔️ SL: $ 0.1950 ⛔️ by closing D1 Below
--Stay rich--
