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Band Protocol and BakeryToken (BAKE) Technical Analysis: Retesting Critical Support Lines

Analytics

cryptoknowmics.com 17 December 2021 11:03, UTC
  
Reading time: ~2 m

Band Protocol (BAND) is dumping and on the brink of crashing below $4.5. On the other hand, if BakeryToken sellers double down, BAKE may sink below $1.1.

Band Protocol

The oracle provider is multi-chain, using the BAND coin.

Past Performance of BAND

The Band Protocol price is currently under pressure, falling in line with early December 2021 losses.

Overall, sellers are setting the trend and the BAND crypto is on the cusp of retesting a multi-month support level.

Day-Ahead and what to Expect

Judging from the BAND technical analysis, sellers are on top. However, losses have not been sharp in the past few days like those of December 4.

Although this may be a reprieve, every high offers better entries for BAND coin sellers targeting $4.5.

Besides, this would be the dominant trend, provided prices are within the December 4 bear bar.

Band Protocol Technical Analysis

The downtrend is clear, and sellers are on top, as visible in the daily chart.

Since BANDUSDT bars are banding along the lower BB, there might be entries on pullbacks targeting $4.5 in the short term. It is despite the slight divergence suggesting firming buyers, rejecting lower lows.

Further losses below $4.5 may push BAND coin prices to new H2 2021 lows. On the flip side, a surge above $5.5 might invalidate the downtrend.

BakeryToken

The portal is part of the BakerySwap ecosystem. BAKE is for rewarding liquidity providers and governance.

Past Performance of BAKE

The BakeryToken coin is free-falling, dumping as per the performance in the daily chart. As per the BAKE technical analysis, sellers are firmly in control.

Currently, the BAKE crypto price is down 87 percent from 2021 peaks.

Day-Ahead and What to Expect

The BAKE coin is back to eight-month support, retesting the primary support.

In continuation of the ascending triangle breakout, the draw-down of December 4 affirmed the selling pressure, defining trend.

As it is, the primary support line is at $1.1. If it fails to hold, BAKEUSDT may slide to Q1 2021 territory.

BakeryToken Technical Analysis

Aforementioned, the downtrend is apparent, and BAKE bulls are struggling.

Although BAKEUSDT prices are flat-lining, steadying at a critical support line at $1, the probability of a breakout remains high.

If sellers press, subsequent losses may take BAKE to $0.85—March 2021 lows.


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