Author: Dominik Darmoš
Publication date: 31.01.2024
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Let's start with the basics. Bakery Token, often referred to as $BAKE, is a decentralised finance (DeFi) token built on the Binance Smart Chain. Known for its low transaction fees and fast processing times, it has gained popularity among users seeking efficient transactions.
Bakery token's strategic upgrade: Unlocking new horizons
Bakery Token is currently undergoing a strategic upgrade, and the next move is nothing short of groundbreaking. In fact, the focus is on extending full support to Ethereum, encompassing the AMM Dex, NFTSwap, Launchpad, and Incubator. Therefore, the aim is to create a seamless experience for users and partners alike. You can invest in Bakery tokens on Binance - one of the safest cryptocurrency exchange platforms.
Dex evolution on ethereum
The Dex on Ethereum is not just getting an upgrade; it's transforming into an aggregator. This means it will integrate various trading protocols and platforms, including Uniswap V2, V3, and more. Moreover, innovative trading mechanisms are in the works, promising improved liquidity solutions for users.
Nftswap takes the ethereum plunge
NFTSwap, an integral part of Bakery Token, is embracing Ethereum with open arms. This marks a significant leap toward creating a revolutionary NFT trading market. The Bakery NFTSwap's integration with Ethereum aims to simplify, streamline, and add liquidity to NFT trading, mirroring the efficiency of token trading.
Incubator and Launchpad
Bakery Token's incubator and launchpad continue to be key players in fostering innovation. Actively seeking out outstanding teams and projects. Actually, the goal is to provide necessary resources and support to help these projects grow and launch successfully.
Bakery as an ecosystem connector
Positioned as a connector, Bakery Token is building bridges within its ecosystem. This involves fostering collaborations between projects, creating an environment where different initiatives can empower each other. The vision is to unlock new use cases and enhance the overall value of the ecosystem through strategic partnerships and synergies.
Bakery's strategic upgrade: a leap into the future
This strategic upgrade by Bakery Token is not just about embracing Ethereum; it's about revitalizing the entire platform. The goal is to unlock new possibilities of decentralized finance. It's an invitation for users and partners to join in on this exciting journey, becoming a vital part of the next chapter in Bakery's story.
Technical analysis of $BAKE
Monthly time frame
The chart illustrates a decline in the price of BAKE until September 2023, followed by an upward movement that tested the descending trend line. In October, the trend line was breached, leading to a sustained upward movement. During the ascent, several monthly levels posed potential resistance, but BAKE successfully surpassed them.
Currently the price is maintaining a position above the crucial level of $0.3650. To sustain further upward momentum, it is important for the price to remain above this level. From a macro perspective, there is an additional resistance at $0.5868, which the price attempted to breach last month but was unsuccessful.
Daily time frame
Bake's daily chart is showing a steady upward trend, holding onto the rising black trend line. The overall daily market outlook for BAKE still appears bullish. These levels are good for partial accumulation. However, there's a chance that the price might try to break the trendline and revisit the $0.31 level. If this happens, market makers may attempt to create market uncertainty with an unsuccessful trendline break, possibly leading to a short squeeze.
What’s more, if the price doesn't reach $0.31 and you're considering buying, wait for the price to break the green box and sustain above it on the weekly timeframe before investing in BAKE. In the event of a broader market decline in crypto prices, there are clear levels on the chart where you can consider adding to your holdings.
To sum up, we believe BAKE is worthwhile to include in your portfolio for some exposure.
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