Due to range-bound pricing, Bake Token (BAKE) has had difficulty rising over the crucial $0.29 resistance level.
The cost of Bitcoin (BTC) varied for weeks between $19,500 and $20,000 before stalling on subsequent movements.
This jagged movement has made it difficult for the majority of altcoins, notably Bake token (BAKE), to exit a downward trend. (According to Binance)
Weekly Bake Token (BAKE) Price Analysis
In recent months, the price of BAKE rose to $2, sparking the enthusiasm for a bull run. However, BAKE has had difficulty replicating that bullish surge.
BAKE has struggled to survive since dropping from an all-time high of $9 as the price keeps dropping with little indication of a significant rebound.
According to the present data, BAKE may be ready to rise from its $0.2 weekly low to about $0.4.
Analysis Of The Price For BAKE On The Daily (1D) Chart
The price of BAKE failed to break above the symmetric triangle that had been constructed after the bullish pattern had formed.
Instead, it fell below the bullish pattern, bringing the price of BAKE to its daily support.
Since then, BAKE has fought to reestablish the bullish pattern, consistently trading below the 50 and 200 Exponential Moving Averages (EMA).
The 50 and 200 EMAs, which operate as resistance to the BAKE price, are represented by price levels of $0.285 and $0.56, respectively.
$0.285 is the daily BAKE price resistance.
Daily resistance for the price of BAKE is $0.2.
Four-hourly (4H)Â BAKE price analysis
After creating a bullish divergence, the price of BAKE in the 4H timeframe has been rising from $0.22 to $0.27, bouncing off of its downtrend line.
The price of BAKE trades below the 200 EMA and above the 50 EMA.
Support is provided by the price at the 50 EMA, or $0.25, while resistance is provided by the price at the 200 EMA, or $0.275.
In order to have a chance of trending higher to a price of $0.4, the price of BAKE must break above the 200 EMA price with strong volume.
The Relative Strength Index (RSI) for BAKE is under 50 on the 4H chart, indicating a mild buy order.
Price of BAKE resistance on a four-hour basis: $0.275–$0.4.
Support for the BAKE price per four hours is $0.25.
