Baby Doge Coin had a tough year in 2024. After reaching its highest point in March, the coin started to drop and hit its lowest ever. But in September, things changed for the meme coin, with its price rising by over 130% since the beginning of the month. Now, the big question is whether Baby Doge Coin can keep going up.
On September 16, Binance, the world’s biggest crypto exchange, announced that it would be listing three new meme coins, including BABYDOGE, under the ‘Seed Tag’ label.
The price of BABYDOGE jumped by over 100% right after trading began on the same day. Along with Baby Doge Coin, Binance also listed Neiro (NEIRO) and Turbo (TURBO). The ‘Seed Tag’ warns investors that these assets can be volatile. This morning, BABYDOGE is up 19.8%, trading at $0.000000002187 with a market cap of $332 million.
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Can Baby Doge Coin Maintain Its Upward Momentum?
The Baby Doge Coin price chart shows that the asset has moved far from its usual stable zone. The relative strength index (RSI) is at 100 and has stayed at this level since March 2024, which is unusual. This could be due to a few reasons:
- It might be an RSI divergence from price, signaling a possible reversal, though this can take time.
- External factors like overall market conditions, especially Bitcoin’s price, can influence the RSI.
- In extended trends, such as Baby Doge Coin’s bearish run, the RSI can stay at extreme levels for a long period.
After the recent price surge, BABYDOGE has hit a potential resistance zone that has been tested several times. A Fibonacci retracement analysis suggests the coin could see a 27% drop to the 0.5 Fib retracement level, followed by a 64% bounce back to the next resistance level around $0.000000002600, which aligns with the 0.27 Fib extension level.
If BABYDOGE fails to hold at the 0.5 Fib level, it could indicate market weakness, potentially pushing the price down to previous all-time lows, with possible stops at $0.000000001300 and $0.000000000900.
BABYDOGE is a crypto token created by Dogecoin fans to promote animal welfare. Out of the 420 quadrillion total tokens, 151 quadrillion are in circulation. The team holds 52 quadrillion tokens, with 924 billion in the treasury. BABYDOGE has burned 216 quadrillion tokens, leaving 203 quadrillion in supply.
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