Baby Doge Coin’s price rests within a symmetrical triangle and awaits a short-term burst to the upside. The outlook was backed by a healthier broader market, a potential crossover between the hourly 200-SMA and 20-SMA, and a recent listing on Bitget Global.
Baby Doge Coin Hourly Chart
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BabyDoge Coin has seen three mini-rallies last week. A 67% jump between 22-23 January, followed by a 23% and 19% surge between 24-26 January. Two sloping trendlines plotted along the resulting highs and lows created a symmetrical triangle pattern on the lesser timeframe.
Theoretically, a breakout was possible in either direction but bulls were heavily favored to win out the final consolidation stage. Their efforts were backed by an incoming crossover between the hourly 200-SMA (green) and hourly 20-SMA (red) and higher lows on the MACD.
To lay the groundwork for an upwards swing, BABYDOGE would need to overcome sell pressure between 25 January’s swing high of $0.000000004244 and the 61.8% Fibonacci level. A breakout on healthy buy volumes was necessary to mitigate chances of getting sucked into a bull trap below $0.000000004466. Swing highs set at $0.000000004640 and at the 78.6% Fibonacci would be natural targets.
Meanwhile, bears would have the advantage if BABYDOGE slips below $0.000000003785 support. The resulting move can swiftly turn unpleasant if losses stretch below $0.000000003463.
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Conclusion
Baby Doge Coin’s breakout would create a perfect synergy with a weekend altcoin recovery as well, with bulls pushing Bitcoin above $37K. On an individual level, the sentiment was expected to be favorable after BABYDOGE bagged a listing on the crypto exchange platform Bitget Global.
However, it’s important to understand that sellers were still dominating Bitcoin on a larger scale and a prolonged recovery was still a big question mark. Hence, it’s unlikely that BABYDOGE would extend its progress into a fresh week once the near-term targets are met.