BabyDoge is in a rebuilding phase following a symmetrical triangle breakdown last week. Its price was trading through a zone of low liquidity and was expected to surge by 5% before challenging the hourly 200-SMA.
At the time of press, BabyDoge traded at $0.00000003411, up by 8% over the last 24 hours.
Baby Doge Coin Hourly Time Frame
BabyDoge’s price was attempting a second wave upwards to the 23.6% Fibonacci level (calculated through its late-January flash crash) as part of a larger revival effort after last week’s breakdown. The price was traversing through $0.00000003370-$0.00000003580 – an area through which BabyDoge has known to travel quickly due to low liquidity.
With the hourly 20-SMA (red) and 50-SMA (yellow) by the bullish side and an ascending triangle breakout in play, BabyDoge would likely resume its progress and lock in an additional 5% ascent. The outlook was supported by an uptrend along with the hourly MACD and a favorable-looking Awesome Oscillator.
However, the short-term burst would face multiple tests on its way forward. A double top at the 23.6% Fibonacci level, the hourly 200-SMA (green) and $0.00000003767 resistance formed a daunting resistance zone which would be tricky to overcome. As per LunarCrush, BabyDoge’s weekly social volume has been on a constant decline, amounting to a negative 64% at press time. The meme coin has known to form new peaks once its social volume sees a surge. However, since social media mentions and references have dried up, BabyDoge’s faced an uphill battle to regain its value. A southbound move shines a light on $0.00000003319 and $0.00000003152 support levels
Conclusion
BabyDoge’s near-term was positive but a lot of question marks remained concerning its mid-long term trajectory. A 22% decline in trading volumes suggested that bulls hadn’t fully embraced its potential just yet, making a move past $0.00000003767 difficult. However, the narrative would begin to change if social volumes start to recover.