BakeryToken (BAKE) and PancakeSwap (CAKE) Technical Analysis: What’s Next?

BakeryToken and PancakeSwap prices are trading within bullish breakout patterns. CAKE/USDT is firm above $15, while BAKE/BUSD buyers set sights on $3.

BakeryToken (BAKE)

Central to the AMM swapping protocol in the Binance Smart Chain (BSC) is BAKE. All liquidity providers receive rewards in BAKE coin.

Past Performance of BAKE

BAKE/BUSD prices are increasing, trading in a bullish breakout pattern as the Bakery token technical analysis reveals.

As it is, BakeryToken crypto buyers are at the forefront, spearheading recoveries.

Accordingly, every low may be a loading opportunity for optimistic Bakery token coin traders, targeting $3 in the immediate term.

At the time of going to press, BAKE is up 14 percent against the greenback.

Day-Ahead and What to Expect

From the daily chart, the BAKE/BUSD prices range within a tight $1 zone with caps at $2.4 and $1.4, respectively.

However, amid the consolidation, the upside momentum is strong as BAKE technical analysis points at.

BAKE bull bars are banding along the upper BB, indicating a momentum build-up.

BAKE/BUSD Technical Analysis

BAKE Price Daily Chart for Aug 7

The upside momentum is firm, with a shifting focus on buyers.

With buyers cemented above the middle BB, in a bullish breakout pattern, price action favors BAKE buyers at present.

Therefore, a close above July 2021 highs of around $2.4 will quickly spark a new wave of demand, thrusting BAKE/BUSD towards $3.

PancakeSwap (CAKE)

The protocol is the largest swapping protocol in the BSC. It forked from Uniswap. However, the platform offers a broader range of products using CAKE for governance.

Past Performance of CAKE

After protracted periods of lower lows, PancakeSwap technical analysis points to bulls. They are on top of bears, blasting above critical resistance lines.

From the daily chart, PancakeSwap crypto prices are firm above June 2021 highs, adding eight percent on the last trading day.

Day-Ahead and What to Expect

Provided PancakeSwap token prices trend above $15, buyers are in control in a bullish breakout pattern.

An uptick in trading volumes is supporting the uptrend, propping momentum explaining the bull bars aligning along the upper BB.

The medium-term target for PancakeSwap token buyers stands at $20.

CAKE/USDT Technical Analysis

PancakeSwap Price Daily Chart for Aug 7

CAKE crypto buyers are in the driving seat as per the candlestick arrangement in the daily chart.

For this reason, and as CAKE technical analysis shows, the path of the least resistance is northwards.

Accordingly, every low is technically a loading opportunity for aggressive CAKE bulls targeting $20.

It is as long as CAKE/USDT prices are above $15—the immediate support line.