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BakerySwap (BAKE) Price Has Bounced From Previous Long-Term Pattern, Is A Strong Rally Imminent?

The price of BakerySwap (BAKE) has broken out above a long-term pattern and confirmed it as support. It is expected to rise further in the near future.

Weekly Outlook

The price of BakerySwap (BAKE) has been trading within a long-term descending parallel channel since May 2022. This is a bullish pattern, often leading to breakouts in most cases.

Indeed, the price broke out above this pattern in the week from December 18th to 24th, 2023, with a large bullish candle. As this pattern has existed for 588 days, a breakout above it marked the end of the long-term downtrend.

After being rejected by the $0.77 resistance zone, the price successfully confirmed the channel’s resistance line as support in the week from January 22nd to 28th, 2024 (green arrow). The BAKE price has since held above this line, signaling bulls are buying aggressively at the breakout level.

The weekly RSI is above 50 and trending upwards, supporting the possibility of further gains.

Therefore, the BAKE price could revisit the $0.77 resistance zone in the near future. This corresponds to a 63.19% increase from the current price.

BAKE/USDT weekly chart. Source: TradingView

Short-Term Range

The daily chart shows that the BAKE price has bounced from the previous horizontal resistance at $0.32 and is forming a new horizontal support zone at $0.37.

This is a positive sign as bulls are buying in at higher levels.

However, the daily RSI is fluctuating around the 50 level, indicating an unclear trend.

Therefore, the BAKE price could range between $0.37 and $0.54 in the coming days.

BAKE/USDT daily chart. Source: TradingView

Conclusion

The most likely scenario suggests that the BAKE price will rise to the $0.77 resistance zone in the near future. However, it may consolidate in the short term before the breakout occurs.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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