Technical Analysis of BAKE/USDT
Support and Resistance
Immediate Support: Approximately $0.29, which is near the recent low.
Next Support: Around $0.24, aligning with previous lows.
Immediate Resistance: Roughly $0.35, which corresponds to the EMA(7), followed by $0.38, aligning with the EMA(25).
Major Resistance: Around $0.53, representing a recent high before the decline.
RSI Analysis:
Daily RSI: The Relative Strength Index (RSI) on the daily chart is at 33.6, indicating the asset is approaching oversold conditions.
1-Hour RSI: The RSI on the 1-hour timeframe is extremely low at 8, indicating very oversold conditions.
4-Hour RSI: The RSI on the 4-hour timeframe is also very low at 10, confirming significant oversold conditions.
Despite the recent price decline, there's a positive sentiment for Bitcoin's recovery in the coming time. Some analysts predict significant gains, with estimates exceeding 30%. Furthermore, advancements in technology and strategic investments are believed to fuel growth across the cryptocurrency sector.
It's not a financial advice. Please DYOR.
