Baby Doge Coin Skyrockets After Binance Listing, But Can the Momentum Last?

Baby Doge Coin Skyrockets After Binance Listing, But Can the Momentum Last?

Baby Doge Coin has had a tumultuous year in 2024. After hitting its peak in March, the asset entered a prolonged decline, eventually reaching an all-time low. However, in September, the meme coin experienced a significant resurgence, with its price soaring over 130% since the beginning of the month. Now, the pressing question is whether Baby Doge Coin can maintain this upward momentum.

Baby Doge Coin Price Skyrockets After Binance Listing

On September 16, Binance, the world’s largest cryptocurrency exchange, announced the listing of three new meme coins under its “Seed Tag” label, including Baby Doge Coin (BABYDOGE). The price of BABYDOGE surged by over 100% as trading began the same day. Alongside BABYDOGE, Binance also listed Neiro (NEIRO) and Turbo (TURBO). The “Seed Tag” serves as a cautionary label for investors, highlighting the potential volatility of these assets.

As of this morning, BABYDOGE is trading up 19.8% at $0.000000002187, bringing its market capitalization to $332 million.

Baby Doge Coin Technical Outlook: Retracement Before Another Surge?

The current price chart for Baby Doge Coin shows a significant departure from its previous consolidation phase. Notably, the Relative Strength Index (RSI) has remained at 100 since March 2024, which raises some questions. This anomaly could be due to several factors:

• It might reflect RSI divergence from the price, which can suggest an impending reversal, though such reversals can take time to materialize.
• Broader market influences, particularly those driven by Bitcoin’s performance, may be overriding typical RSI behavior.
• In prolonged trends, like the bearish phase for Baby Doge Coin, the RSI can stay at extreme levels for extended periods.

Following the recent price spike, BABYDOGE has reached a potential resistance zone that has been tested multiple times. A Fibonacci retracement analysis suggests the asset could face a 27% correction to the 0.5 Fib level, followed by a potential 64% bounce, targeting a resistance level near $0.000000002600, which aligns with the 0.27 Fib extension.

However, if the price fails to hold at the 0.5 Fib level, it could signal further market weakness, driving Baby Doge Coin back toward its previous lows, with potential stops at $0.000000001300 and $0.000000000900 along the way.