Baby Doge Coin (BABYDOGE) maintained its bullish market structure even when the whole market went down. Will the token continue its uptrend? Read more to find out!
Bitcoin (BTC) has bounced perfectly off the 33k levels. As it seems like the price will test higher levels, some may consider it profitable to fill the bags with some memecoins. These tokens have provided some of the most lucrative returns in 2021. It is, therefore, essential to look for new memes before the trend kicks off again.
After Baby Doge Coin (BABYDOGE) got listed on OKX in August, the token experienced a significant price increase. It has been consolidated well around the support level, making it one of the most likely memecoins to pump again.
In this technical analysis, we will use multiple technical indicators to observe the price of BABYDOGE in several time frames. Let’s check it out!
BABYDOGEUSDT in a 4-Hour Chart
As can be seen above, the 4-hour chart is in a clear range between 0.0000000036 and 0.0000000045, It is, therefore, best to pick up longs around the 36 areas aiming for 45 to 48.
If the price can flip 0.00000000484 level, we can anticipate that potentially new aths will be reached again. A 4-hour close below 0.000000003646 would indicate lots of weakness which would likely lead to as much as a 28% drop.
BABYDOGEUSDT in a 1-Day Chart
The price has been forming higher lows on the daily chart showing a bullish market structure. Providing that the price does not move below the area of 0.0000000035 in this time frame, it will likely test the supply zone. It is dangerous to hold into this supply zone, however. If BABYDOGE manages to flip it, it will most definitely open the door to higher prices. As explained on the 4-hour chart, any close below will make the price lose at least 20% of its value.
BABYDOGE/BTC in a 4-Hour Chart
BABYDOGEBTC is in a clear range between 115 sats and 97. The price is currently in a downtrend; however, it has started to have less violent drops indicating that sellers are running out of fuel. It makes sense to bid any move down into the lows in anticipation of a run back up, providing BTC shows strength.
If BABYDOGEBTC closes below 97 sats, it is likely that BTC will outperform for the foreseeable future. It's always good to compare coins to their closest competitors, therefore, it is wise to see how BABYDOGE looks relative to SHIB and DOGE. Let’s check out the charts!
BABYDOGE/SHIB in a 4-Hour Chart
There is a clear supply zone that BABYDOGESHIB needs to break to go above the range in which it has been for around a week and a half now. This should be expected before either the sellers become weaker and the trendline breaks or the buyers start to weaken and the demand zone breaks. If BABYDOGE bulls want it to outperform, then the price must break the trendline. The 0.000185 level will offer good support as it is a major demand zone. If the token goes below this level, it is likely that SHIB will outperform for the foreseeable future.
BABYDOGE/DOGE in a 4-Hour Chart
As can be seen, BABYDOGE/DOGE is ranging between 0.000000030014 and 0.000000026527. The price has flattened out indicating that sellers may be getting tired, therefore, any move down to the bottom of the range will be a good buying opportunity. If the price can flip 0.000000030014, it would be wise to assume that it moves up and takes the all-time highs. There is no reason why BABYDOGE can’t outperform DOGE if the price does not nuke below 0.0000000026527.
Summarizing Everything
- BTC has bounced the 33k levels, potentially forming a bottom. It seems like the price will test higher levels soon.
- BABYDOGE has experienced an increase of around 250% since its launch on OKX in August 2021.
- On the BABYDOGEUSDT chart, the price is consolidating in a clear range between 0.0000000036 and 0.0000000045. It is best to look for longs at the range lows targeting the range highs. If we are able to flip the range highs, all-time highs could be in play. The daily chart is still in an uptrend.
- The BABYDOGE/BTC 4-hour chart is also in an uptrend with the price in a clear range between 170 sats and 97 sats. Any close below 84 sats will make BTC outperforms for the foreseeable future
- When comparing BABYDOGE to SHIB and DOGE, there is no reason why BABYDOGE can’t outperform both coins. Providing BABYDOGESHIB can hold above 0.000185 – 0.00017 demand it is likely to outperform. BABYDOGEDOGE needs to pump through the trendline, then ATHs could be in play.
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