The short-term pullback in Baby Doge Coin presents the final buy-the-dip chance in 2024 as bulls target $0.00000001010.
With Bitcoin price sliding to $104,436 after creating a new all-time high at $106,533, the meme coin market has witnessed a steeper decline. The top meme coins are experiencing a downfall of 0.25% to 4.5%. This reflects a cooling-off period in the market following the Bitcoin rally.
The market cap of meme tokens stands at $116.86 billion, with a 24-hour trading volume of $12.03 billion. The declining trend in meme coins results in a pullback among the top tokens.
However, Baby Doge Coin (BabyDoge) is preparing for a bullish comeback, with multiple catalysts ready to change the polarity. This optimism stands out amid the broader market slowdown.
The BabyDoge price action showcases a bullish rally gaining momentum in the weekly chart. With the falling wedge breakout, the Baby Doge Coin price has increased nearly 350% over the last 100 days.
During the bull run, it momentarily reached close to its all-time high, but the higher price rejection led to a quick reversal. Such rejections are typical after steep rallies.
Currently, the reversal is forming a morning star pattern in the weekly chart as it struggles to find a closing above the 61.80% Fibonacci level. This pattern signals a potential trend reversal.
Nevertheless, Baby Doge Coin is trading at levels last seen in February 2023, highlighting the quick recovery. This reflects renewed confidence among investors.
As the morning star comes as a potential retest of the 50% Fibonacci level breakout, a post-retest reversal could result in an extended rally. Based on the Fibonacci levels, the price target for the present bull cycle remains at the 1.618 level at the $0.00000001010 psychological mark. The current price analysis reveals an upside of nearly 150% if successful.
Despite the short-term pullback, BabyDoge’s broader market acceptance is increasing. In recent news, the KCEX exchange announced the listing of Baby DogeCoin for spot trading.
KCEX is a centralized crypto exchange formed in 2021 and provided perpetual Baby Doge Coin contracts since June 2024. This listing opens the Korean Gates for Baby Doge Coin, creating new growth opportunities.
Despite the overall bullish trend and the listing in the Korean markets, the Baby Doge Coin team is taking a short exit. They are opting for a small offloading during the increased prices.
In the past hour, the multi-signature wallet OXB2E, potentially belonging to the Baby Doge Coin team or an early investor, has deposited 390 trillion Baby Doge tokens. This deposit, worth nearly $1.6 million, was made over Binance. Such moves can influence short-term sentiment.
Over the past 8 months, this wallet had received 20.33 trillion BabyDoge tokens worth nearly $46.74 million. The deposits came from Westingh to deposit them to exchanges. It has also transferred 4.45 trillion BabyDoge tokens, worth $10.66 million, to Wintermute in the past two months.
As the entity continues to offload massive volumes, the incoming supply will likely increase the short-term volatility in this meme coin.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Vishal, a Bachelor of Science graduate, began his journey in the crypto space during the 2021 bull run and has since navigated the subsequent market winter. With a strong technical background, he is dedicated to delivering insightful articles rich in technical details, empowering readers to make well-informed decisions.
