The Baby Doge price took a sudden turn from the $0.0000000025 on January 21st resistance, which tumbled it by 42%. The token price has fluctuated in a narrow range over the past few weeks and has recently dropped below the $0.00000000359 support level. Sustaining the selling pressure, the memecoin would sink to the $0.0000000025 mark.
Key technical points:
- The BabyDoge buyers lost the 50-DAY SMA
- The daily-MACD indicator’s lines nosedive to the bearish territory
- The 24-hour trading volume in the BabyDoge token is $11.8 Million, indicating a 12.5% fall.
Source-Tradingview
During the last three weeks, the BabyDoge price resonated in a definite range between $0.00000000359 and $0.0000000043. This short consolidation allowed sellers to take a rest before they continue the correction.
On February 12th, the bear gave a decisive breakout at the bottom support of $0.00000000359, providing an excellent selling opportunity for crypto traders. The BabyDoge spent the next day retesting the breakdown level, where the higher price rejection indicates the support has turned to resistance.
The downsloping 20-SMA line indicates the bears are aggressively selling. Moreover, The Moving average convergence divergence indicator shows the MACD and signal line entered the negative territory, providing more confirmation to short-sellers.
BabyDoge Price Could Sink To $0.0000000028 Mark
Source- Tradingview
Following the breakdown, the BabyDoge price has started to drop lower, indicating a $4.4% intraday loss by the time of writing this article. If bears could sustain their selling, the memecoin would soon plummet to January 22nd low($0.0000000028) or $0.0000000025.
The average directional movement index(31) slope forming new higher highs indicates the increasing selling momentum in this coin.
- Resistance level: $0.0000000043 and $0.0000000048
- Support level: 100 SMA, $0.0000000028
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.
About Author
Source: https://coingape.com/markets/100474-2/