Baby Doge Coin (BABYDOGE) maintained its bullish market structure even when the whole market turned red. Will the token continue its uptrend? Read more to find out!
Now the question is if BABYDOGE will provide as good returns as DOGE and SHIB did previously. Let’s hop onto the charts and find out!
BABYDOGEUSDT in a 1-Day Chart
BABYDOGEUSDT in a 4-Hour Chart
Memecoins tend to follow specific cycles, as can be seen on the 4-hour chart. Here, the price seems to be at the end of its cycle. With it moving down to 0.00000002576, a bounce could be expected here. Any consolidation between 0.00000003646 and 0.00000002576 could be seen as accumulation; therefore, looking to play the range could be a great idea. If the price breaks down to 0.000000001469, that would be a great place to accumulate the tokens as there is a clear invalidation below the wick. Even so, it is unlikely that the token’s price will reach that point.
BABYDOGE/BTC in a 4-Hour Chart
As the price is reaching the support level, a bounce at 64 sats is highly likely. BTC has generally outperformed BABYDOGE in the past few days. From 56 to 64 sats, there is a clear demand zone. As long as the token holds this level, the market structure will remain bullish and the price will likely reverse, potentially testing the 84 sats resistance. If this resistance gets flipped, new highs relative to BTC will be on the table. Below the demand zone at 56 sats, the price would break the market structure and test the lows, or at least the trendline around 40 sats. This would cause a decrease of 20% in the price. Therefore, make sure to put a stop loss on your trades to avoid any potential loss.
Let’s compare BABYDOGE to similar successful tokens in the race. Dogecoin (DOGE) and Shiba Inu (SHIB) are comparable and over the last year have returned life-changing gains to many.
Will BABYDOGE outperform them in the foreseeable future? Let’s jump on the charts and find out!
BABYDOGE/SHIB in a 4-Hour Chart
On the BABYDOGE/SHIB chart, the price has broken out of a 97-day accumulation range and seems ready to go higher. It has performed a crucial S/R flip. If the price consolidates between 0.00014989 and 0.000109618, it could add more fuel needed to pump this pair back to all-time highs. The only thing to beware of is that the pair has pumped more than 100% in the past seven days.
BABYDOGE/DOGE in a 4-Hour Chart
The price has now formed a higher low. If we do lose the levels mentioned above, it is likely that DOGE will outperform in the foreseeable future.
- BABYDOGE is in a bullish trend on the 1-day chart. However, for the price to go higher, it needs to reclaim the $0.000000002976 level.
- Bitcoin has outperformed BABYDOGE in the past few days. As the price is going towards the higher time frame demand zone (56-64 sats) in the short to medium time frames, it is likely that BABYDOGE will outperform BTC soon!
- It seems likely that the token will outperform SHIB as the price has broken out of a 97-day accumulation range. It also seems as if it is going to outperform DOGE too due to the key S/R flips that happened recently.