BABYDOGE surges 120% in 10 days, further gains or correction ahead?

BABYDOGE rallied over 120% in ten days after Binance listed the memecoin, with upcoming products and features further fuelling bullish momentum.

Based on the Binance Smart Chain, the memecoin has surged 17.6% in the past day and over 120% in the last ten days, now trading at $0.0000000023—levels not seen since April. Over this period, Baby Doge Coin’s (BABYDOGE) market cap soared from $158 million to $357 million, reflecting an influx of investor interest.

Key developments 

Most of this impressive rally was sparked by the Binance listing on Sept. 16, which sent the token soaring nearly 100%, with its price climbing from $0.000000001047 to $0.000000002058 within just a few hours.

Since then, the project has secured listings on centralized platforms like Tokocrypto, ZKE, LBank, and CoinDCX, while also expanding into perpetual trading on HTX Global and Bitrue, along with several decentralized exchange listings, boosting its global presence.

Meanwhile, the project is working on several new offerings under the hood. One of the most anticipated projects is puppy.fun a memecoin launcher rivaling Solana’s Pump.fun and Tron-based Sun.Pump. 

Baby Doge developers are also set to introduce BabyDoge PAWS, the native wallet for the Baby Doge ecosystem.

However, the latest rally in the token came after the project revealed that Binance has added BABYDOGE to its yield-earning offering named ‘Binance Earn.’ 

Within hours after the announcement, the Baby Doge team unveiled BabyDoge explorer, a multichain search tool that will be integrated into all Baby Doge products including puppy.fun and Baby Doge wallet app.

The success and price action of a memecoin is often based on the hype around it and the strength of its community. For Baby Doge, the recent developments have clearly played a key role in sustaining its price rally, as each new announcement and listing added to investor confidence and kept the momentum going.

Social sentiment around the project remains positive at press time, with community members on X and the project’s Telegram group excited about the upcoming launches. This optimism could drive the price higher, particularly given the token’s relatively small market cap, which leaves plenty of room for growth.

Correction soon?

Technical indicators suggest that BABYDOGE is currently on an upward trend, having broken above the upper Bollinger Band, supported by a surge in volume, which is up 393.40% over the past 24 hours. However, the Relative Strength Index at 100 indicates a highly overbought scenario, suggesting a potential correction could be on the horizon.

Adding to this bearish outlook, BABYDOGE’s weighted funding rate has turned negative at -0.0881, while its open interest has dropped 5% to $580.67k. This dip in open interest signals reduced market participation and hints at a shift in trader sentiment towards bearish positions, possibly anticipating a pullback.

Currently, the memecoin is trading between the support level of $0.000000001586 and resistance at $0.000000002738. 

If buying pressure continues and the price breaks through the resistance, we could see a push toward new highs. However, if the price fails to hold the support level, especially with the RSI indicating overbought conditions, a correction could potentially drive the price lower.