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BakeryToken price is up 55% in the last 24 hours to trade for $0.3775 as of 7:40 a.m. EST time, alongside a 315% rise in trading volume.
It comes after the cryptocurrency broke out of a falling wedge pattern, which is a bullish reversal technical formation.
#BAKE /USDT Analysis
BAKE is showing promising signs as it breaks out of a falling wedge pattern, currently undergoing a retest.
> Entry Point: Consider entering at the current market price (CMP). Additionally, be prepared to increase positions if the price drops to $0.2228.
— CRYPTOMOJO_TA (@CRYPTOMOJO_TA) December 14, 2023
The likely driving factor for BakeryToken price is the launch of Bitcoin Cats (1CAT), an innovative BRC-20 token, on the BAKE platform. 1CAT is built atop BakerySwap’s Launchpad incubator program.
Reportedly, 1CAT received massive demand during its initial offering on decentralized exchanges (IDO), garnering up to $106 million from 37,000 ETH worth of bids.
The overflows from the 1CAT euphoria spilled over to propel BakeryToken price, with investors anticipating more Launchpad token sales. Will the rally last?
#BAKE DAILY TIMEFRAME UPDATE
BakerySwap is a decentralized automated market-making protocol that is based on the BSC
They are also launching #BRC20 Tokens on their Launchpad now
ANY THOUGHTS ON $BAKE ?
❤️ THIS POST AND I WILL SHARE NEXT 10X GEM COIN pic.twitter.com/BAvTZhhE6E
— FortuneNodeOfficial (@Fortunenode_) December 21, 2023
The sudden spikes driven by Launchpad speculation have proven short-lived in the past. This could be the fate for BakeryToken price given 1CAT has already concluded, leaving BAKE devoid of market hype.
For the hype to continue, BakerySwap would have to establish a steady pipeline of popular BRC-20 projects.
BakeryToken price could also benefit from increased adoption of BTC-pegged tokens because the BAKE ecosystem provides an incubator function in the ecosystem.
Nevertheless, investors looking to open new long positions for BakeryToken price should probably rethink their strategy as the excitement continues to fade.
BakeryToken Price Prognosis As BAKE Pumps Hard
BAKE is confronting the 100% Fibonacci level at $0.3927 in a market range measured from the $0.0818 support floor.
The Relative Strength Index (RSI) shows that BAKE is already overbought at 72, but the upside potential remains alive considering the RSI is still northbound. The Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicators are in the positive territory, showing the bulls are leading the BAKE market.
This stance is reinforced by the presence of green histogram bars of both the AO and the MACD above their respective zero lines. These accentuate the bullish outlook.
Increased buying pressure could see BakeryToken extend north to shatter the range high at the $0.3908 psychological level. In a highly bullish case, the gains could extend for the price to test the $0.4000 psychological level. Such a move would pave the way for more gains, with BakeryToken likely to record a new local top.
On the other hand, if the $0.3775 holds as a resistance level, BakeryToken price could pull south towards the 78.6% Fibonacci level of $0.3261. Enhanced seller momentum could suppress the price lower to the most important Fibonacci level of 61.8% at $0.2739, or lower, tagging the 50% Fibonacci level at $0.2372. A break and close below this level would invalidate the prevailing bullish outlook.
While BakeryToken price works out the next move, consider LPX, a presale token that will usher you into a space to find the next 10X trades.
Promising Alternative To BakeryToken
LPX is the ticker for the Launchpad XYZ ecosystem, the go-to place for investors looking for the next winning trade. It presents itself as a consumer-focused portal where LPX community members get valuable insights and analytics on every Web3 sector in a timely manner.
These are delivered through a beautifully designed, humanized interface – bringing Web3 to everyone.
🚀 Outsmart the market with #LaunchpadXYZ‘s AI insights
Elevate your #Trading game! 🔥#LaunchpadKnows #Web3 #Crypto pic.twitter.com/gcZDqATf8F
— Launchpad.xyz (@launchpadlpx) November 9, 2023
Community members receive all the training requisite to become successful traders. The project also empowers Web3 users regardless of their level of proficiency or experience so that they can maximize their profit potential.
Stay ahead with real-time market data from #LaunchpadXYZ. 🔥
Make decisions based on the latest market movements. 💪#LaunchpadXYZ #CryptoMarkets pic.twitter.com/M8UBtSNkt1
— Launchpad.xyz (@launchpadlpx) December 13, 2023
Token holders can also leverage the project’s staking function. When you stake an average of 10,000 LPX tokens locked for more than 90 days, you become eligible for multiple rewards.
Some of these rewards include discounts on trading fees, guaranteed access to NFT mint whitelists and presales, partner discounts, beta P2E game releases, and community prestige badges.
Time to grow your bag! 💰
Maximise your earnings with staking opportunities on #LaunchpadXYZ!
Don’t miss out 👉 https://t.co/CrJA4Rk91H$LPX $BTC $ETH #Web3 #CryptoCommunity #Staking pic.twitter.com/uxCTtNVBSy
— Launchpad.xyz (@launchpadlpx) July 24, 2023
The token is selling for just $0.0445 in the current stage, with upwards of $2.217 million already in the bag.
Visit Launchpad XYZ to buy LPX in the presale here.
Also Read:
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- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY
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