BakerySwap (BAKE) price update: 50% price jump in 48 hours

Today is yet another great day for BakerySwap (BAKE) enthusiasts. The coin started the day off on green and recorded a substantial 50%+ run in the last 48 hours. As a matter of fact, this coin has been on a bull trend for over a year now.

Even more interesting is this coin’s market cap has risen by over 50% as the price continues to skyrocket. So, why is BakeryToken witnessing such outstanding results? Or better yet, what’s the future of this coin? Well, let’s find out! But first-

What is BakerySwap?

BakerySwap is a blockchain system with an AMM (automated market-making) protocol based on the BSC (Binance Smart Chain). BAKE token is the native coin of this blockchain system. The network was launched in 2020, and liquidity providers are rewarded with the BAKE token.

So why is BAKE bullish?

The main reason behind this token’s impressive results remains elusive. However, most speculators believe that the surge in trading volume is directly contributing to the bull trend. All in all, the price of this crypto has increased by a staggering 134% in just 30 days. That’s an impressive price jump in such a short time.

Will BakerySwap reach $1?

So far, BAKE has reached an all-time high of $8.45. That means reaching $1 for this coin is not a farfetched speculation. This coin will have to go up by another 50% or more from the current price, which can be possible.

So, will BAKE reach $1? All technical indicators show that it will, especially if the coin continues its current trajectory. But, if anything disrupts its current trend, we could witness a free fall, which will drive the price back to the $0.22 range.

Looking back at the chart, a slight correction happened with the BAKE price action, especially after the strong run. The previous high of $0.3598 was rejected, and the price went down before embarking on the last two day’s run.

And since we can’t quite pinpoint the reason behind this coin’s price jump other than an increase in trading volume, it’s crucial to trade cautiously. That’s because a bull run initiated by trading volume indicates that users are jumping onto this ship just because of pure FOMO.

And that’s dangerous since the price action might choose to correct, leading to substantial losses. Overall, the BakerySwap token shows promise, and we could be looking at another great altcoin.