BakerySwap's Bakery Token Followed Dogecoin To All-Time Highs: What's Next?

BakerySwap's Bakery Token Followed Dogecoin To All-Time Highs: What's Next?

Bakery Token BAKE/USD was listed on Crypto.com Wednesday following an eight-day 597% rise in the cryptocurrency’s value.

Second only to Dogecoin DOGE/USD, Bakery Token is one of the most actively traded cryptocurrencies over the last 30 days and by Wednesday afternoon had a 24-hour trading volume of $244.6 million.

Bakery Token is the native coin of BakerySwap, an all-in-one DeFi platform with the 1st AMM+NFT exchange on the Binance Smart Chain.

BakerySwap and aims to be the next generation of Uniswap and rewards its liquidity providers with Bakery Tokens that can then be purchased and sold on exchanges such as Binance, Gate.io and PancakeSwap.

The rise in popularity of the coin doesn’t mean its price will go straight to the moon. Although Bakery Token has retraced 26% from its all-time high of $8.49, it is consolidating in a bullish pattern, which indicates another move north may be in the cards.

The Bakery Token Chart: Bakery Token, which only began trading on Feb. 19, has little price history in its current ranges. Bakery Token has developed some daily support and resistance levels that the cryptocurrency has so far been respecting.

On Wednesday, Bakery Token was completing its third day of consolidation in a bull flag formation, with April 27 to May 2 setting up the pole and the days following setting up the flag.

The consolidation has helped to cool off Bakery Token’s relative strength index, which had become overbought, reaching 86% on Sunday.

RSI is a momentum indicator that measures the magnitude of price changes. An RSI of over 70% is considered overbought and an RSI of under 30% is considered oversold.

On Wednesday, Bakery Token’s RSI measured in at 67%, which is on the high end of healthy.

Bakery Token is trading above both the eight-day and 21-day exponential moving averages, with the eight-day EMA trending above the 21-day EMA, both of which are bullish indicators.

Bulls want to see Bakery Token break up out of the bull flag pattern with large bullish volume to push the cryptocurrency back toward all-time highs. If it can clear the $8.50 level, it will be in blue skies, with no price history as resistance above.

Bears want to see the bull flag pattern negated and for bearish volume to come in and drop Bakery Token back down below the $6 mark. A loss of that level as support could see Bakery Token fall toward $4.30 before finding another support level.

Posted In: Bakery TokendogecoinCryptocurrencyLong IdeasShort IdeasTechnicalsMarketsTrading Ideas

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