The cryptocurrency market is thriving at the moment, as Bitcoin rises against the current traditional market chaos. With a nearly 4.3% rise over the past day, the aggregate value of all assets from the market managed to re-claim the psychological $1 trillion mark.
Leaving aside Bitcoin and other altcoins, a community-favorite cryptocurrency, Baby Doge Coin, occupied the first position on Binance’s trending coin list at press time. Announcing the said feat achieved, the official Twitter handle tweeted,
“BabyDoge trending #1 in the world on Binance top cryptocurrency list!”
As illustrated below, Bitcoin, Shiba Inu, MATIC, and Ethereum ranked subsequently on the list.
BabyDoge short-term outlook
At the moment, Baby Doge Coin is in the midst of a “make it or break it” kind of situation. Over the last few days, it has been able to gradually rise. However, it is being hindered by its 20 and 50 EMAs [red and orange] of late. A successful breakthrough would open the doors for a potential 28% rally. While a bearish scenario may trigger a 24% decline over the short term, with BabyDoge consolidating around its long-term EMAs [cyan and blue].
At the moment, the social sentiment associated with Baby Doge Coin seems to be dented. Data from LunarCrush revealed that social mentions have dipped by 14.6% over the past week. Moreover, the bullish sentiment has subsided by 18.9%, while the bearish sentiment has noted a whopping 340.2% incline in the same weekly timeframe. Thus, if the state of affairs remains the same, it’d be difficult for Baby Doge Coin to continue embarking on its higher-high spree.
Furthermore, it should be noted that this coin shares a decent positive correlation of 0.56 to 0.62 with other top coins like Bitcoin, Ethereum, Dogecoin, and Shiba Inu. Thus, the broader directional bias will eventually end up impacting Baby Doge Coin. With Bitcoin’s legs itself currently shaky, not much can be assured about the continuation of any rally at this stage.