Why is Baby Doge Coin Price Up 130%?

Baby Doge Coin price has faced a challenging year in 2024. After reaching its yearly highs in March, the asset entered a downward spiral, eventually hitting an all-time low. However, September marked a turning point for the meme coin, with its price surging over 130% since the start of the month. 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.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.