BakeryToken (BAKE) is the best performing cryptocurrency in the daily timeframe. BAKE coin has increased by nearly 12% in the past twenty-four hours. The recent performance of the coin overtook Axie infinity – Ethereum’s gaming token which had been trending – in terms of performance. At the time of writing, BakeryToken stands at a price level of $2.31. The daily trading volume has shot up by more than 200% as the token gains momentum. BakeryToken is the ninetieth largest cryptocurrency in terms of market cap.
BakeryToken (BAKE) technical analysis
The market outlook for the cryptocurrency is bullish – a sight not common these days in the cryptocurrency market. Out of the total twenty-six technical indicators, eight are giving out an indication of buy with nine standing at a neutral position and only five at a sell position. The oscillators are mainly neutral while the moving averages suggest a strong uptrend.
BakeryToken has been under the formation of a falling wedge pattern. The bullish pattern got validated as the cryptocurrency broke out from the formation to the upside. The upside movement of the cryptocurrency is expected to continue for a while as it reaches towards various crucial resistance levels. The first potential price target lies at $2.82 followed by $4.57 and then $7.52. However, a trend reversal can also happen given how volatile the cryptocurrency market is. In that case, the first supporting price level will lie at $1.91 and BakeryToken should pullback from the price level. If not, then the next support lies at $1.51.
BakeryToken (BAKE) price prediction
BakeryToken is the native token of BakerySwap – a decentralized automated market maker. The token is used as a rewarding mechanism for providing liquidity. The future projections for the cryptocurrency are bullish. According to the estimates of Wallet Investor, BakeryToken is expected to have a price of $7.54 in a year’s time while the five-year price is expected to be at $29.27. The estimates of Digital Coin Price shows a price of $10 in 2028.
