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The price of BakerySwap (BAKE) has broken out from a long-standing pattern and confirmed it as a support level. An increase is anticipated in the near future.
Weekly Outlook Since May 2022, the price of BakerySwap (BAKE) has been trading within a long-term descending parallel channel. This is a bullish pattern that typically leads to a breakout in most cases.
Indeed, the price broke out of this pattern during the week of December 18-24, 2023, accompanied by a significant bullish candlestick. Having persisted for 588 days, this breakout marks the end of the long-term downtrend.
After being rejected by the resistance area at $0.77, the price successfully retested the channel’s resistance line as support during the week of January 22-28, 2024 (indicated by the green arrow). Since then, the BAKE price has maintained above this line, indicating that buyers are actively engaging at this breakout level.
The weekly RSI is above 50 and trending upwards, supporting the likelihood of further increases.
Therefore, the BAKE price may soon revisit the $0.77 resistance area. This would represent a 63.19% increase from the current price.
Short-Term Range The daily chart shows that the BAKE price has rebounded from the previous horizontal resistance level at $0.32 and is forming a new horizontal support zone at $0.37.
This is a positive signal, as it indicates buying at higher levels.
However, the daily RSI is fluctuating around the 50 level, making the trend unclear.
As a result, the BAKE price may fluctuate between $0.37 and $0.54 in the coming days.
Conclusion The most likely scenario is that the BAKE price will rise to the $0.77 resistance area in the near future. However, some consolidation may occur in the short term before any breakout.
Sentiment: Positive
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