BakerySwap (BAKE) is a decentralized AMM (automated market making) protocol that is based on BEP-20 blockchain network.
Bakery Token (BAKE) is the native token of BakerySwap Ecosystem. Users who provide liquidity to the platform earn BAKE tokens as a reward. With these tokens, they can earn a share of the BakerySwap trading fee and they can also provide input in the voting of the governance process.
Only designated pools provide rewards in the shape of BAKE. The reward is based on the share in liquidity they provide. BakerySwap charges a 0.30% fee on all swaps and trades, out of which 0.25% go to liquidity providers.
BAKE can be exchanged on the leading exchanges as well as on DEX’s. The project has been audited by Certik.
According to CoinMarketCap BAKE is currently being traded at the price of $2.98 with an increase of 6.19% in the last 24 hours. The total circulating supply is almost 200M.
BAKE – Technical Analysis
The price of BAKE created its All-Time High on 2nd May 2021 and achieved a price of $8.487 before falling to the price of $1.433.
The chart below shows the 1D time frame. The price showed a reversal after the bullish movement in the market. The coin is currently respecting the trend and has faced rejections from the trend line. As shown in the chart, between the zone of $2.50 and $2.6 is the formation of order block. Order blocks are highly respected and it can be expected that the price comes down to this zone before a leg upwards.
When the price taps into this zone, lower time confirmations should be taken into account before taking a position into the trade. If the price moves upward long term, a zone of $6.5 should be kept an eye on as there is a formation of another order block and the pullback can be expected from that zone
Support and Resistance
Nearest supports and resistances for the coin lie at the price of $2.5 and $3.2. Overall the movement of the coin is bullish. BTC should be taken into account, as long as BTC holds the $46.6k support we have an additional confluence in the movement.
As De-Fi platforms are gaining traction, it can be expected that BAKE can get back to its All-Time High and go into price discovery. Their NFT platform is also gaining attention and have collaborated with a lot of artists.
