In the last 24 hours, the price of the memetoken shows a 12% return despite plunging by 2-4% every few hours. The high volatility and low liquidity of the asset attract investors and traders who are aiming for a short-term gain based on the spike in speculative interest around the asset.
With the breakout above the 50-day moving average, BabyDoge will most likely move toward the 200-day moving average considering the unlikeness of a “1 day rally.” The trading volume suggests that the asset has all the support needed for a large price spike.
The only thing that may push the asset’s price down from here would be a spike in the selling pressure from retail or short-term investors who tend to take profits whenever they see the local price rally.
Other memetokens are not following
BabyDoge is somewhat similar to assets like Shiba Inu and Dogecoin in terms of its attractiveness to investors and public image. Considering their nature, the rally on one of those memeassets should have caused a positive price performance on other ones. However, that is not the case today.
Shiba Inu is showing a mild 2% price increase in the last 24 hours, which is most likely fueled by the general market recovery, and Dogecoin is barely entering the green zone of the market with 0.5% growth since Oct. 3.
At press time, BabyDoge is trading at $1.520e-9 with a 11.6% price increase since yesterday.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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