BabyDoge has seen more downs than ups lately. From the beginning of April until the beginning of May, the asset’s price was engulfed within a bearish descending channel. Then gradually by mid-May, wicks started dipping their toes outside the setup. Within no time, the candlestick bodies too started spending time on the outside.
Despite the breakdown, it’s quite interesting to note that not once was an entire candle outside the territory of the descending channel. After sliding horizontally for a while, the BabyDoge managed to break above the upper trendline by 20 May. From then until yesterday, this alt managed to appreciate by 80%.
Yesterday’s push towards $0.000000002500 put BabyDoge at par with levels that were last observed at the end of April. However on Thursday, as the state of the broader market deteriorated, even BabyDoge had to bear the brunt of the bearishness. After shedding around 5% of its value over in the day’s trade, the #2833 ranked token was trading at the brink of $0.000000001789 at press time.
Source: TradingView
Time for BabyDoge investors to play the LT game?
Keeping the state of the broader market in mind, it doesn’t look like BabyDoge would be able to negate its losses immediately, right off the bat. However, HODLers of the token need to remain patient and note that BabyDoge’s fundamentals have been getting stronger with time.
Take the case of the number of total unique addresses possessing the token itself, for starters. Three months back, this metric’s reading reflected a value under 2500. After noting a 40% incline, the same was seen hovering above 3500 at press time.
Also, the development game has been going on swiftly. In fact, on its first birthday yesterday, a short teaser of the project’s Metaverse, Wearable was shared.
Alongside, the team intends to remove 50 quadrillion tokens from the circulating supply by burning it. The said proposal is live for voting. If passed and the tokens are indeed burnt, then the price BabyDoge could get a push.