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The Baby Doge BABYDOGE/USD coin rose around 1.6% during Thursday’s 24-hour trading session after announcing via its official Twitter account that the crypto is now available for trading on BingX.
The rise in cryptos has also been in tandem with the general crypto sector, which has seen Bitcoin (CRYPTO: BTC0 and Ethereum (CRYPTO: ETH) surge by more than 2% and 4%, respectively, during the period of 24 hour trading.
The rise in Baby Doge coins was not enough to break the stock out of a descending channel pattern, which has dominated the crypto since Dec. 1. The pattern is bearish in the short term but may be bullish down the road.
For bearish traders, the “trend is your friend” (until it isn’t) and the stock or crypto is likely to continue falling. Aggressive traders may decide to short the stock or crypto on the upper trendline and exit the trade on the lower trendline. Bullish traders will want to watch a break of the upper falling trendline, on high volume, for entry. When a stock or crypto breaks out of a descending channel, it is a strong reversal signal and indicates that a rally is likely in the charts.
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Baby Doge Coin Chart: Baby Doge Coin has been trading in a fairly consistent downtrend in a falling channel pattern, creating a series of lower highs and lower lows. The most recent high was formed on December 5 at $1.07e-9 and the most recent confirmed low was printed at $1.01e-9 on December 2.
Baby Doge Coins trading volume has been declining since Nov. 9, indicating that the crypto may be running out of sellers. The decrease in volume is often followed by an influx of volume, which could cause the crypto to break out of the channel pattern. During the 24-hour trading sessions on Wednesdays and Thursdays, Baby Doge Coin rallied from $0.992e-9, causing a bullish double bottom pattern to form. If the pattern is recognized, Baby Dogecoin is likely to break out of the channel imminently and form an upside reversal. If Baby Doge Coin trades below the level, the pattern will be canceled and a larger downtrend may form. Baby Doge Coin has resistance above $1.042e-9 and $1.135e-9 and support below at $0.992e-9 and $0.87e-9.
Read more: Shark Tank’s O’Leary Fights With CNBC Over $11 Million Loss From FTX Fallout: Here’s What He Told Benzinga About His Next Move Involving an ‘Army of Lawyers’ »
2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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