- BabyDoge hit its new all-time high.
- The meme coin’s daily trading volume has surged by 33.35%.
Today’s trading window opened with the market bleeding. All the major assets have pulled back to their previous lows. The meme coin market cap is resting at $131 billion, marking a 12.8% slump in the last 24 hours.
Despite this downturn, a notable dog-themed meme coin, Baby Doge Coin (BabyDoge), has hit its new all-time high at $0.000000006604 and crossed the $1 billion market cap.
As of December 10, BabyDoge’s price has soared by over 20%, tested the daily high, and broken its ATH. The meme coin’s intraday trading has visited a low of $0.000000005045. At press time, the meme coin trades at $0.000000006147, with a 5% surge. In the meantime, the daily trading volume of the BabyDoge has reached $1.41 billion.
BabyDoge price chart (Source: CoinGecko)
Zooming in on the past seven days, BabyDoge has jumped by 150%, showing strong bullish momentum. Starting the week at $0.000000002376, eventually, the meme coin chose to trade on the upside without falling back.
Notably, the Baby Doge Coin’s rally has coincided with the tweets of Elon Musk. He has shared a photo with his son that says The Dogefather and The Dogeson. Although it did not directly mention Baby Doge Coin, the meme coin community acknowledges it with a remarkable rally.
Can BabyDoge Push Higher from Here?
The BabyDoge’s technical analysis exhibits a strong bullish sentiment. The Moving Average Convergence Divergence (MACD) indicator has crossed the signal line, suggesting the buying signal and the possibility of an incoming positive trend in the market.
BabyDoge chart (Source: TradingView)
The indicator that measures the money flowing into an asset, the Chaikin Money Flow (CMF) line, is settled at 0.26, hinting at a positive money flow. It suggests the buyers are dominant in the market and the likelihood of forming an upside correction. Meanwhile, the daily trading volume has jumped by over 33.35%.
Besides, the four-hour price graph of BabyDoge reveals the nearby resistance to breach at $0.000000006336. More gains could propel the asset to sustain in the bullish zone. If BabyDoge continues to gain momentum, the crucial threshold might be at the $0.0000000066 mark.
Looking at the downside, in the case of the upward trajectory fading, the altcoin’s bearish pressure could pull the price back to $0.000000005897. A steady breakdown from this level will likely trigger a steep downward correction toward its previous low in the $0.0000000055 range.
In addition, the 24-hour frame of the asset exposes the short-term 9-day moving average above the long-term 21-day moving average. Moreover, the ongoing market sentiment of BabyDoge is extremely overbought, as the daily RSI is at 100. This extremity typically indicates an impending price correction or retracement.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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