Baby Doge Coin Price Forecast: A 36% Increase May Not Be Enough, Here’s Why

Baby Doge Coin buyers seem unaffected by the recent dips in the crypto market. Baby Doge, the popular meme coin of recent times, has been dealing with a full 50% drop from Jan 20-23, while investors have chosen to aggressively buy on the dips rather than dump their tokens amid the wider FUD. As a result, BABYDOGE has climbed 36% in the last 24 hours, the third-highest ever increase in a single day among meme coins.

Baby Doge Coin Chart, 4-hour Timeframe

Babydoge price analysis

The price will need to close above some hurdles for Baby Doge Coin’s rally to turn into a steady uptrend. 4-hour 20-SMA (blue), 78.6% Fibonacci, 50-SMA (yellow) and $0.00000005224, BABYDOGEIt fell within a 12% gap that ‘s had to close in the next few sessions.

A downward rejection at these levels, BABYDOGE priceIt could cause the coin to revert to a demand area of ​​$0.000000003200-0.000000002694. The zone was supported by both the 4-hourly 200-SMA (green) and the daily 50-SMA (not shown), making it a significant support. Early breakouts can be expected at the 50% and 38.2% Fibonacci levels, but the same regions contained a lower probability of a reversal.

Indicators

Surprisingly, the ‘SuperTrend indicator’ offering buy and sell signals continued its downtrend. The index considers BABYDOGE to climb an additional 20% for a buy signal to form.

By contrast, the MACD looks less pessimistic and has observed a bullish crossover on a shorter time frame. While new longs were able to enter the market, BABYDOGE had to close price barriers to remove any major selling pressure. Until then, any purchase should be discounted if black.

As a result

Although Baby Doge can catch a fast jump of 36%, bulls can’t afford to take their feet off the pedal. If a series of price hurdles reject the bullish effort, BABYDOGE will move south until it reaches a support zone between $0.000000003200-$0.00000002694.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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