BabyDoge is parked within a symmetrical triangle and awaits a breakout to catch up to its rivals’ recent gains. Should bulls discover strength for a move above the 200-SMA (green), BABYDOGE’s price was expected to jump by 40% and trade close to previous ATH’s. At the time of writing, BABYDOGE traded at $0.00000003951, down by 1% over the last 24 hours.
Baby Doge Coin 4-hour Time Frame
Of late, meme-inspired token BabyDoge has concerned its retail traders. Its price was unable to move beyond a symmetrical triangle setup even during a risk-on broader market. The insipid movement brought down its weekly ROI to a negative 4.8% – the lowest amongst its competitors Dogecoin, Shiba Inu, Dogelon Mars, and Floki Inu.
Nevertheless, a breakout was expected as soon as BABYDOGE can close above its 4-hour 200-SMA (green) and the 50% Fibonacci level. Based on the height of the pattern, BABYDOGE targeted a 40% hike in the breakout direction. The resulting move would bring its price close to an earlier ATH around $0.00000006338.
The outlook was supported by an uptrend along with the MACD and a 155% surge in weekly social volumes. However, it’s worth mentioning that social dominance was still down by 35% as other competitors grabbed the lion’s share of social media mentions.
Since a symmetrical triangle can see a breakout in either direction, a bearish outcome should not be discounted. A close below $0.00000003767 support could extend into a massive correction, especially if Bitcoin’s declines below $42K support. In such a case, BABYDOGE would look for an early rebound at 22 January’s swing low of $0.00000002805.
Conclusion
BabyDoge Coin missed out on the weekend burst by holding shape within a symmetrical triangle. However, a delayed rally is better than no rally. There is a chance that BABYDOGE will be able to see its bull run once the price closes above its 4-hour 200-SMA (green).