Why is Baby Doge Coin Price Up 130%?

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As a seasoned analyst with years of experience navigating the volatile cryptocurrency market, I must admit that the recent surge in Baby Doge Coin (BABYDOGE) has caught my attention. Having witnessed numerous crypto trends come and go, I’ve learned to approach every new development with a mix of skepticism and curiosity.

2024 saw a tough year for Baby Doge Coin prices. Following its peak in March, the asset took a nosedive, hitting a record low later on. But September proved to be a turning point for the meme coin as its price skyrocketed over 130% since the beginning of the month. The question now is whether Baby Doge Coin can maintain this positive trajectory.

Baby Doge Coin Price Spikes Following Binance Listing

On September 16th, the leading global cryptocurrency exchange, Binance, declared its intention to add three fresh meme coins, which include BABYDOGE, to their ‘Seed Tag’ category.

Binance is planning to add three new tokens to its platform: NeiroEthCTO ($NEIRO), TurboToadToken ($TURBO), and BabyDogeCoin ($BABYDOGE). These listings will be accompanied by a “seed tag.
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— Binance (@binance) September 16, 2024

As a crypto investor, I experienced an exhilarating surge when the price soared by more than 100% right from the get-go on the very same day. Binance, my go-to platform, introduced Neiro (NEIRO) and Turbo (TURBO), alongside Baby Doge Coin that day. A Seed Tag was attached to these assets, serving as a timely warning for us investors that they carry a high level of volatility.

This morning, I’ve noticed a significant surge in the value of my Baby Doge coins! Currently, each coin is worth approximately 0.000000002187 dollars. The total market capitalization of this meme cryptocurrency stands at an impressive $332 million.

BABYDOGE Technical Analysis: Retrace, Then Moon

Observing the Baby Doge Coin price history, it appears that its current value deviates noticeably from the usual consolidation range. The Relative Strength Index (RSI) stands at 100 and has been maintaining this level since March 2024, which is rather unusual and could potentially be explained by several factors:

  • It could be RSI divergence from price, which indicates potential reversal, although it can take time to play out.
  • The heavy influence of external factors, such as overarching market conditions influenced by Bitcoin price, can override the RSI.
  • In over-extended trends, such as the bearish case for the Baby Doge Coin price, the RSI can remain at extreme levels for an extended period.

Why is Baby Doge Coin Price Up 130%?

After experiencing a surge, Baby Doge’s price has approached a potential barrier where it has been tested frequently before. A closer look at the Fibonacci retracement of the recent price movement indicates that the cryptocurrency might experience a 27% drop to the 0.5 Fibonacci retracement level. Following this correction, there could be a 64% rebound towards the next potential resistance at approximately $0.000000002600, which also aligns with the 0.27 Fibonacci extension level.

Why is Baby Doge Coin Price Up 130%?

If the cost doesn’t sustain above the 0.5 Fibonacci level, it could indicate a weak market trend, potentially causing Baby Doge Coin’s price to revert to its previous record lows. However, it may briefly touch values like $0.0000000013 and $0.0000000009 before reaching those lows.

About Babydoge

The digital currency known as BabyDoge was developed by enthusiastic Dogecoin supporters with a focus on promoting animal welfare causes. In all, there are 420 trillion units of this token, with 151 trillion currently in circulation. The creators hold approximately 52 trillion tokens, with nearly a billion stored in the treasury. So far, over 216 trillion tokens have been destroyed, leaving about 203 trillion still in existence.

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2024-09-18 08:56