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BAKEUSDT trade ideas

$ BAKE | How do I expect to see BAKE in coming weeksBINANCE:BAKEUSDT Here with another speculation about crypto assets. This time Bakery token with BAKE ticker. Let’s take a look at the project’s information: Bakery swap is one the DEXes that is active on Ethereum, Base and Binance smart chain and covers token swaps, NFT swaps, pools. Tbh, I couldn’t find any advantages for bakery swap over other DEXes. But the technical perspective makes this token interesting. $ BAKE Market Cap: $ 114 m Market Cap Rank: 479 Market Price: 0.396 $ ATH: $ 8 (-95%) ATL: $ 0.007 (+5435%) Technical highlights: - W1: Trend: (I believe in channels!) Price has been in a descending channel for most of its crypto life, but things have changed since last week. The day that the price managed to break the upper bond of its descending channel after 3 time rejection. Currently, with one day left until the weekly candle close, the chart is printing 3 white soldiers. Let's keep this as a positive point for possible uptrend continuation and move for the next hints. Dec 2023 price made a local high and Nov 2024 was the higher low of this trend. Price bounced several times from $0.21 to $0.26 to prove it as a good support/demand zone. Not to mention that the first higher low in W1 printed by bouncing from that support. MA: Price holding above MA20 and A50. In the weekly time frame, MA50 at 0.315 can act as support but since it’s never been tested after breaking, so I cannot rely on that just yet. On the other hand, in the daily time frame, MA20, 50, and 200 are located at almost the same price ($0.28 to $0.32). Now this area gets more interesting to me for possible S/R test level. RSI: The value is around 62 and is strong in the weekly time frame, which supports the trend direction. The RSI value in the daily time frame is 74 and it's in an overbought condition. So, I think there will be a cooldown soon and the above-mentioned level will be the candidate for the pullback. Stoch RSI: The Stochastic RSI is in the overbought zone, just like the RSI. That's another reason to expect a retracement. Volume: The volume is not so good and looks weak. That suggests a retrace in my opinion. In my point of view, channels play an important role in trend direction and targets. Each time the trend breaks a channel, a move toward the direction of the breakout with the size of the channel will mostly happen. Supports: $ 0.315 Ma50 in W1 $ 0.275 Ma20 in W1 $ 0.21 ~ $ 0.26 Demand zone Resistances: $ 0.47 ~ $ 0.50 D1 Supply zone $ 0.90 Range high $ 1.10 W1 Supply zone $ 1.45 $ 2.50 Channel upper boundary $ 2.80 W1 Supply zone Conclusion: All these opinions are mine and can be wrong, so please DYOR. This token is a low cap and low caps are mostly volatile in bull runs. I expect sharp moves in the way to its final targets in both ways. This will make it more of a risky trade. So I will be more cautious and will surely manage my position size according to my strategy. I recommend you to do the same. **I need more energy to carry on and comes from your support!. don't forget to hit boost, share and comment your point of view with me** My strategy goes as below: 🛒 Pair: BAKE/ USDT 🛒 👑 Bitcharge 👑 🕰 07/12/2024 🕰 POSITION: 🟢"Buy"🟢 2 % of capital 🛒 Buy: $ 0.270 – $ 0.315 🛒 👉Sell Targets👈 🎯TP1: $ 0.36 🥉 🎯TP2: $ 0.39 🥈 🎯TP3: $ 0.46 🥇 🎯TP4: $ 0.52 🚁 🎯TP5: $ 0.65 ✈️ 🎯TP6: $ 0.72 🚀 🎯TP7: $ 0.89 🛰 🎯TP8: $ 0.96 🛰 🎯TP9: $ 1.05 ✨ 🎯TP10: $ 1.25 ⭐️ 🎯TP11: $ 1.45 💫 🎯TP12: $ 2.10 🪐 🎯TP13: $ 2.80 🌞 ⛔️ SL: $ 0.1950 ⛔️ by closing D1 Below --Stay rich--
Long
by bitcharger
2
Analysis: Conditions for Further UpsideWe anticipate the continued upward movement of BINANCE:BAKEUSDT.P , and for further gains, the price must close above the TP1 level. This would confirm the bullish trend and allow us to identify subsequent targets accurately. However, if the price fails to close above this level, it may experience some corrections or sideways movement before resuming the uptrend. A break below the key support level with a confirmed close would signal a potential trend reversal, requiring a review of the plan and an exit from the trade to mitigate risks.
Long
by luta_ksa
1
BakeUSDT Based on the chart and the provided information about the **BAKE/USDT** pair, here is a detailed analysis: ### Technical Overview: 1. **Fibonacci Retracement**: - **0.618 (5.19 USD)** is a critical resistance level and an achievable target in a bullish scenario. - **1.618 (13.59 USD)** represents a more ambitious goal, requiring strong bullish momentum. - **2.618 (21 USD)** is an optimistic target, dependent on favorable market conditions and significant buyer demand. 2. **Historical Data**: - **Previous ATH**: 8.48 USD (a strong psychological resistance level). - **Current Price**: 0.4216 USD. Achieving the ATH would require a ~1900% increase. 3. **Total Supply**: 289 million coins is a relatively low supply, which can support price appreciation if demand rises. 4. **Trading Volume**: The trading volume has increased to 32 million USD, reflecting growing interest, which is a positive short-term catalyst. ### Fundamental Analysis: - **Market Sentiment**: If Bitcoin and major cryptocurrencies maintain an uptrend, altcoins like BAKE are likely to follow. - **Utility**: The coin's demand depends heavily on its use case within its ecosystem. - **Competition**: BAKE's success will also rely on how well it competes with similar projects in the DeFi or NFT space. ### Price Possibilities: 1. **0.618 (5.19 USD)**: - Probability: **30%-40%** (requires a broad market rally and increased investor confidence). 2. **1.618 (13.59 USD)**: - Probability: **15%-20%** (requires sustained momentum and strong fundamentals). 3. **2.618 (21 USD)**: - Probability: **5%-10%** (highly optimistic, depends on a major bull run and significant adoption). ### Chances of Surpassing the ATH: - **Overall Probability**: ~25%-30% within the next 1-2 years, contingent on a strong bull market and favorable macroeconomic conditions. ### Conclusion: BAKE has reasonable chances to reach the **0.618 level (5.19 USD)** during an extended bull market. However, surpassing its previous ATH of 8.48 USD and targeting **13-21 USD** will require exceptional market performance and substantial demand growth. www.binance.com BINANCE:BAKEUSDT
Long
by LamboFelix
#BAKE: Empowering DeFi and NFT EcosystemsDescription: This trading idea focuses on BAKE (BakeryToken), the native cryptocurrency of BakerySwap, a decentralized exchange (DEX) built on Binance Smart Chain (BSC). BAKE plays a pivotal role in supporting the platform's suite of services, including automated market making (AMM), staking, and an NFT marketplace. BakerySwap has carved a niche in the DeFi ecosystem by offering low transaction fees, high-speed operations, and innovative NFT solutions, making BAKE an attractive token for investors looking to capitalize on the growing demand for decentralized finance and NFTs. As the adoption of DeFi and NFTs continues to grow, BAKE benefits from increased usage and platform expansion. However, the cryptocurrency market remains highly volatile, with factors like regulatory changes, market sentiment, and technological advancements influencing price movements. Investors must remain cautious and employ sound risk management. Disclaimer: This trading idea is intended for educational purposes only and should not be considered financial advice. Trading cryptocurrencies like BAKE carries significant risks, including the potential for complete loss of capital. Always perform thorough research, evaluate your financial situation, and consult with a professional financial advisor before making investment decisions. Past performance is not indicative of future results.
Long
by MoonTradingForecast
BAKE NEW UPDATE (1D)This analysis is an update of the analysis you see in the "Related publications" section Given the positive news in the crypto market, the diametric scenario and further time-price correction seems to be canceled, and instead of the diametric, we now have a triangle. As long as it maintains the green zone, it can move towards the targets. Closing a daily candle below the invalidation level will invalidate this analysis. For risk management, please don't forget stop loss and capital management When we reach the first target, save some profit and then change the stop to entry Comment if you have any questions Thank You
by behdark
3