BabyDoge has kept up appearances in January despite a gut-wrenching sell-off during Bitcoin’s flash crash this month. As per CoinMarketCap, its monthly ROI sits at an impressive 62% – the highest amongst its top meme counterparts Dogecoin, Shiba Inu, Dogelon Mars, and Floki Inu. Moreover, the token’s performance has not gone unnoticed within the crypto community. Data from WhaleStats showed that BabyDoge touched a record of 1.36 Million holders this week.
The update made rounds soon after BabyDoge recorded a 27% increase on 31 January before paring losses on 1 February. However, BabyDoge’s movement has been timid since then. A consolidation stage was active and sentiment remained weak despite a $25 Million burn yesterday.
Lackluster Near-term Price Movement
BabyDoge’s price action on the hourly chart was indicative of low retail pressure in the market. This was made more evident by the Volume Oscillator which traded well below its half-line. Hence, for more buyers to get back on board, BABYDOGE needed to close above the 38.2% Fibonacci level. The resulting breakout would invite more momentum after BABYDOGE flips a host of tight-knitted SMA’s to support. The move could be quickly followed by a 10%-18% ascent to a supply zone between the 61.8% and 50% Fibonacci levels.
Meanwhile, bears can invalidate the outlook by dragging BabyDoge below its immediate support. From there, a triple bottom at $0.000000003505 would reinforce another recovery.
Conclusion
BabyDoge’s external developments were offset by low retail volumes. Bitcoin’s reluctance to close above $39,000 was responsible for what was turning out to be a red day for the crypto market. However, the next rally can be expected once the price closes decisively above its 38.2% Fibonacci level. At the time of writing, BabyDoge traded at $0.000000004004, down by 0.7% over the last 24 hours.