PancakeSwap and BakeryToken prices are in green. However, BAKE/BUSD is lagging while CAKE/USDT looks likely to break above $15. PancakeSwap (CAKE) The platform relies on the Binance Smart Chain (BSC) scalability for cheaper swaps using CAKE for governance. Past Performance of CAKE CAKE prices are bouncing back after a market-wide dump down in prices that drastically shaved gains of the first quarter of the year. At the time of writing, CAKE is up three percent versus the USD. There is also a double-bar bullish reversal pattern from a critical support line. Even so, CAKE prices are still inside the June 21 and 22 trade range. For a complete reversal, bulls must close above June 21 highs, shaking off sellers. Day-Ahead and What to Expect CAKE prices are in the range from the daily chart, finding support above $10 and at around June 2021 lows. CAKE prices are inside a $5 range zone, with caps at $15 and $10 to the downside. A close above $15 reverses losses of June 21, signaling buyers and a possible race to $20. CAKE/USDT Technical Analysis CAKE prices are down over 60 percent from 2021 highs. However, the stabilization of prices on July 22 and the double bar bullish reversal pattern of June 20 and 21 offers hope for optimistic CAKE/USDT bulls. A close above $15 could see CAKE reach $20. At present, every low is a buying opportunity, aiming for $15. BakeryToken (BAKE) The swapping protocol on the BSC supports liquidity pools of alternative coins like LINK and more. BAKE is the protocol’s governance token. Past Performance of BAKE There is a reprieve for BAKE holders, but the uptrend isn’t definite since the middle BB still caps prices. At present, BAKE prices are trending inside a tight trading range. However, buyers must first close above $2.5, unwinding the bearish engulfing bar of July 17. Presently, BAKE is stable on the last trading day. Day-Ahead and what to Expect BAKE is under pressure even after the market-wide recovery of July 21. Prices are in range with support at around $1.5—or this week’s lows—and the middle BB and $2.5 on the upper end. BAKE/BUSD Technical Analysis The uptrend is clear, and sellers appear exhausted. BAKE bulls are, nevertheless, lagging and not as rampant as others. Technically, this offers an opportunity for risk-off traders targeting $2.5 and $3, loading on every dip. Losses below $1.5 would see BAKE possibly slump to $1.
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