BakeryToken (BAKE) Price Resumes Bullish Rally, Targets This Next Level; Why HIVE’s Ongoing Spike May Not Last
BakeryToken has been on an upward trajectory since mid-April, consistently forming higher highs and higher lows while bouncing off a support trendline. This pattern suggests a strong bullish sentiment among investors.
Recent Performance:
- The latest price movement shows a 16% spike following a bounce from newly established support.
- Over the past two days, BAKE has surged more than 20%.
Looking ahead, BAKE appears poised for further gains. The next resistance level around $0.46 is now in sight, representing a potential 17% increase from current price levels. This target aligns with the token’s ongoing larger bullish trend, indicating that the momentum may continue in the short term.
HIVE’s Rally: A Temporary Recovery?
While HIVE has shown signs of recovery in recent days, several factors suggest caution for investors expecting a prolonged bullish run.
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Potential Hurdles:
- Temporary Retracement: The current upward movement may be a cooling-off period of the sellers (temporal retracement) rather than a genuine trend reversal.
- Multiple Resistance Levels: HIVE faces significant resistance at $0.29 and $0.35, which must be overcome to confirm a bullish trend.
- Descending Channel: The token is currently trading within a descending channel, a bearish pattern that needs to be broken for sustained upward movement.
- Overall Bearish Trend: Since March, HIVE has been in a major downtrend, making the current rally potentially short-lived without a significant shift in market dynamics.
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Show more +For HIVE to establish a true bullish reversal, it must not only break through the mentioned resistance levels but also convincingly exit the descending channel it currently occupies. Until these conditions are met, investors should approach HIVE’s recent price action with caution.
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