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Highlights
- Babydoge price immediately spiked over 130% following Binance's listing on September 16.
- The price of Babydoge has reached a potential resistance and could retrace 27%.
- The next highest potential target for BABYDOGE is around $0.000000002600.
Baby Doge Coin price’s challenging year ended after Binance decided to list the token. Since this news, BABYDOGE surged over 130%. The question now is whether Baby Doge Coin can sustain this upward trend.
Baby Doge Coin Price Spikes Following Binance Listing
On September 16, Binance, the largest crypto exchange in the world, announced it was going to list three new meme coins, including BABYDOGE, under the ‘Seed Tag’ label.
Binance Will List @neiroethcto $NEIRO, @TurboToadToken $TURBO and @BabyDogeCoin $BABYDOGE with Seed Tag Applied.
Read more 👉 https://t.co/cwaNCfaAS7 pic.twitter.com/7gvibLZYQ0
— Binance (@binance) September 16, 2024
The price immediately spiked over 100% as trading started the same day. Binance also listed Neiro (NEIRO) and Turbo (TURBO) alongside Baby Doge Coin. The Seed Tag is a heads-up for investors to know that the assets in question are volatile.
BABYDOGE coin price is up 19.8% this morning, trading at $0.000000002187, with a $332 million market cap.
BABYDOGE Technical Analysis: Retrace, Then Moon
The Baby Doge Coin price chart shows that the crypto asset’s current position has significantly deviated from its typical consolidation zone. The relative strength index (RSI) is at 100 and has been holding steady at this level since March 2024, which is quite perplexing and could be due to a few things:
- 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.
Following the spike, the price of BABYDOGE has reached a potential resistance zone, which has been tested multiple times. A Fibonacci retracement analysis of the recent price shows the crypto asset is due for a 27% correction to the 0.5 Fib retracment level, followed by a 64% bounce to the next potential resistance around $0.000000002600 that coincides with the 0.27 Fib extension level.
If the price fails to hold at the 0.5 Fib level, it may signal market weakness, which will send Baby Doge Coin price back to previous all-time lows, with occasional stops at $0.000000001300 and $0.000000000900.
About Babydoge
BABYDOGE is a crypto token created by Dogecoin community fans to spread animal welfare awareness. There are 420 quadrillion tokens in total, with 151 quadrillion in circulation. The team holds 52 quadrillion tokens, of which 924 billion are in the treasury. BABYDOGE has managed to burn 216 quadrillion tokens, leaving only 203 quadrillion.
Frequently Asked Questions (FAQs)
1. What caused the recent surge in Baby Doge Coin price?
2. What is BabyDoge?
3. What risks are associated with investing in BabyDoge?
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