$1MBABYDOGE

Babydoge is focusing on this 24h data that I've circled. In the 24h timeframe, this surge is approximately 4%, mainly driven by short positions being closed. Friends who have been following the old guy should know that the main upward momentum is usually driven by long positions. Now, this rebound driven by short positions closing does not indicate a reversal, and I do not recommend trying to catch the bottom here.

In fact, this small rebound has followed a pretty standard pattern, reaching the Fibonacci range of about 50%-61.8% before dropping again (Figure 2). If this main upward wave isn't finished yet, it is likely to hold around the 0.0045 position (Figure 3, which also happens to be the previous low). If you want to catch the bottom, enter near this support level. If it breaks down, this main upward wave might end, and we will have to see the situation at that time to know what will happen next.