Baby Doge Coin presents chances of a 50% hike after forming a bullish pennant on the 4-hour timeframe. A new ATH would be on the table provided BABYDOGE can convincingly close above the target set by its flagpole. At the time of writing, BABYDOGE traded at $0.000000002874, up by 4.8% over the last 24 hours.
Baby Doge Coin 4-hour time frame
BABYDOGE is expected to embark on a 50% upwards run after taking shape within a bullish pennant setup (white trendlines). The pattern is observed after a large movement (flagpole) is followed by a consolation phase, which often looks like a triangle. A breakout target is ascertained by measuring the length of the flagpole. Now BABYDOGE was within its final consolidation stage after moving rangebound in the past few days. A breakout from here would allow DOGE to close above its supply zone and expel a large chunk of selling pressure from the market.
Once a retracement cools down with $0.0000000003693 ready for support, expect BABYDOGE to advance to a new ATH. To invalidate this setup, bears would need to target a close below $0.000000002513. Such a move would likely see BABYDOGE register another 8% decline to $0.000000002324.
Indicators
The 4-hour MACD and Awesome Oscillator carried a slightly bearish tone. The Awesome Oscillator registered a series of red bars while the MACD was amidst a decline post a bearish crossover. However, such readings are normal when an asset enters the final stage of its bull pennant setup. The pattern would not be under any threat as long as these indicators do not weaken below their respective mid-lines.
Conclusion
A successful bull pennant breakout followed by a close above $0.000000004406 would see BABYDOGE register a new ATH. Meanwhile, investors go long at BABYDOGE’s press-time level in anticipation of a breakout. However, high risks were associated with this entry since broader market woes could come back to haunt BABYDOGE’s breakout attempt.