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BabyDoge Forms Odd Reversal Pattern, Could Be Aiming at 50% Reversal

Fri, 09/02/2022 - 12:45
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Arman Shirinyan
Shiba Inu and Dogecoin predecessor might be aiming for reversal to upper border of consolidation range
BabyDoge Forms Odd Reversal Pattern, Could Be Aiming at 50% Reversal
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BabyDoge remains one of the most volatile and speculative assets on the market as Shiba Inu's predecessor is still struggling to exit the prolonged consolidation range in which it gained up to 80% to its value, but then it lost half of it during a reversal.

BabyDoge entered the aforementioned range back in May when it tumbled from $0.000000003506 to $0.00000000099. Such a rapid and strong drop from the local high caused a panic among investors but also flashed opportunities for speculative traders who aim at high-risk deals that might potentially bring extremely high returns.

BabyDoge Chart
Source: TradingView

At press time, BabyDoge is moving at the lower border of the range which, according to its trading history, suggests that the bounce to the upper border of the range is a possibility which, if it happens, will bring more than 50% in profit to holders.

The range break is what most holders of the meme asset aim for as it might cause parabolic growth and put BabyDoge back at the top.

Network grows fundamentally

Despite the speculative nature of the project itself and the lack of use cases, we are seeing a gradual increase in the number of BabyDoge holders, which is one of the most important signs of growth for any kind of crypto or financial asset.

BabyDoge Holder Account Hits New Peak This Month, Leaving SHIB Behind

According to the holder composition, most BabyDoge investors invested in the asset only a few months ago and are already holding it at a loss. Obviously, the story of the memecoin can be compared to Shiba Inu's, which has shown the market greater returns in recent days.

At press time, BabyDoge is gaining around 3% to its value in the last 24 hours.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.