BakeryToken Price Prediction 2021 – Will BAKE Hit $5 Soon?

BakeryToken Price Prediction 2021 - Will BAKE Hit $5 Soon?
  • Bullish BakeryToken price prediction ranges from $3.17 to $4.79.
  • BakeryToken prices might also reach $5 soon.
  • BAKE bearish market price prediction for 2021 is $1.83.

In BakeryToken (BAKE) price prediction 2021, we use statistics, price patterns, RSI, and much other information about BAKE to analyze the future movement of the cryptocurrency. 

BakeryToken (BAKE) is part of the defi protocol BakerySwap ecosystem. Liquidity providers are rewarded with BAKE tokens that can be used to earn a share of BakerySwap’s trading fees and to participate in voting as part of BakerySwap’s governance process. 

Current Market Status of BakeryToken (BAKE) 

According to CoinGecko, the BakeryToken price is trading at $2.83 with a 24-hour trading volume of $154,070,853, at the time of writing. However, BakeryToken has decreased by 8.02% in the last 24 hours. 

Currently, BakeryToken trades in cryptocurrency exchanges such as  Binance, Tokocrypto, CoinTiger, HitBTC, and BiONE. 

BakeryToken (BAKE) Price Prediction 2021

BakeryToken (BAKE) holds the 125th position on CoinMarketCap right now. BakeryToken price prediction 2021 explained below with a daily time frame. 

BAKE/USDT Ascending Channel Pattern (Source: TradingView)

Ascending channel patterns are short-term bullish in that a stock moves higher within an ascending channel these patterns are often formed within longer-term downtrends as a continuation patterns. The stock will continue channeling upward until it is able to break either the upper or lower trend line

Currently, BAKE is trading at $2.83. After this, BAKE may continue to fall or rise according to the direction of the breakout. With this pattern, BAKE might reach the resistance level at $4.79 soon, if the trend breaks out at $3.17. If the trend reverses, then the price of BAKE may fall to $1.83.

BakeryToken (BAKE) Support and Resistance Level

The below chart shows the support and resistance level of BakeryToken (BAKE). 

BAKE/USDT Support and Resistance Level (Source: TradingView)

From the above chart, it is observed that the following are the resistance and support levels of BakeryToken.

  • Resistance Level 1 – $3.17
  • Resistance Level 2 – $3.97
  • Resistance Level 3 – $4.79
  • Support Level 1 – $2.27
  • Support Level 2 – $1.83

The chart depicts the bullish performance of BakeryToken over the previous month. However, this trend will continue to reach a resistance level at $4.79 soon. Even more, if the trend reversed then BakeryToken might fall to $1.83 presenting a bearish signal.

BakeryToken (BAKE) Average Directional Index (ADX)

Let us now look at BakeryToken (BAKE) Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it frequently combined with directional indicators.

BAKE/USDT ADX (Source: TradingView)

The above chart represents the ADX of BakeryToken. Currently, BakeryToken lies in the range at 29.2219, so it indicates a strong trend. This shows that the price of ADX can go bullish in the future.

Conclusion

BakeryToken is one of the cryptos which is great for long-term investment. In addition, BakeryToken price prediction is bullish for the short term.  It has a huge possibility of overtaking its current all-time-high (ATH) of $8.48 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the BakeryToken ecosystem, the performance of BakeryToken would rise, reaching $4.79 very soon. But, it might also reach $5 if the investors believe that BakeryToken is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

A dedicated writer who shows her interest in writing all sorts of content about the cryptocurrency market in NewsCrypto. She is an enthusiastic reader and writer with passion for sharing crypto news and trends.