Baby Doge Coin Price technical analysis suggests that the price could retrace by 27% before it could rebound to a new target of $0.000000002600.
2024 marks a challenging year for the price of Baby Doge Coin. After reaching its yearly high in March, the asset entered a downward spiral that ultimately hit a new all-time low. However, September marked a turning point for the meme coin, with its price surging by more than 130% since the beginning of the month. The question now is whether Baby Doge Coin can sustain this upward trend.
Baby Dogecoin surges in price after Binance listing
On September 16, Binance, the world’s largest cryptocurrency exchange, announced that it will list three new meme coins under the “seed tag,” including BABYDOGE.
The price immediately surged by more than 100% on the day trading began. Binance also listed Neiro (NEIRO) and Turbo (TURBO) as well as Baby Doge Coin. The seed tag reminds investors that the underlying assets are volatile.
BABYDOGE is up 19.8% this morning, trading at $0.000000002187 with a market cap of $332 million.
BABYDOGE technical analysis: retracement, then moon
The Baby Doge Coin price chart shows that the crypto asset’s current position has clearly deviated from its typical consolidation zone. The relative strength index (RSI) is 100, a level it has remained at since March 2024, which is quite confusing and could be due to a few reasons:
This could be a divergence between the RSI and price, suggesting a possible reversal, although this may take some time to materialize.
Strong influences from external factors, such as general market conditions that are affected by Bitcoin’s price, can override the RSI.
In overextended trends, such as the bearish scenario for Baby Doge Coin’s price, the RSI can remain at extreme levels for extended periods of time.
Following the surge, BABYDOGE’s price has reached a potential resistance area, which has been tested multiple times. A Fibonacci retracement analysis of recent prices shows that the crypto-asset will retrace 27% to the 0.5 Fibonacci retracement level before rebounding 64% to the next potential resistance level of around $0.000000002600, which aligns with the 0.27 Fibonacci Extension level.
If the price fails to hold the 0.5 Fib level it could indicate market weakness that would send the Baby Doge Coin price back to its previous all-time lows with occasional stops at $0.000000001300 and $0.000000000900.
About Babydoge
BABYDOGE is a crypto token created by fans of the Dogecoin community to spread awareness of animal welfare. The total supply of tokens is 420 quadrillion, and the circulation is 151 quadrillion. The team holds 52 quadrillion tokens, of which 924 billion are in the treasury. BABYDOGE has successfully destroyed 216 quadrillion tokens, leaving only 203 quadrillion.