BABYDOGE surges 120% in 10 days, further gains or correction ahead?

BABYDOGE has surged over 120% in ten days after Binance listed the memecoin, with upcoming products and features further fueling the bullish momentum.

According to Binance Smart Chain, the memecoin is currently trading at $0.0000000023, up 17.6% in the past day and over 120% in the past ten days, levels not seen since April. During this period, the market cap of Baby Doge Coin (BABYDOGE) skyrocketed from $158 million to $357 million, reflecting increased investor interest.

Important developments

Much of this impressive rally began with Binance listing it on September 16. With this listing, the token surged by almost 100%, with its price increasing from $0.000000001047 to $0.000000002058 in just a few hours.

Since then, the project has strengthened its global presence by securing listings on centralized platforms such as Tokocrypto, ZKE, LBank, and CoinDCX, while also expanding into continuous trading on HTX Global and Bitrue and various decentralized exchange listings.

In the meantime, the project is working on a few new offerings behind the scenes. One of the most anticipated projects is puppy.fun, a memecoin launcher that rivals Solana’s Pump.fun and Tron-based Sun.Pump.

Baby Doge developers are also preparing to introduce BabyDoge PAWS, the native wallet for the Baby Doge ecosystem.

However, the recent surge in the token came after the project announced that Binance had added BABYDOGE to its yield-generating offering called ‘Binance Earn’.

A few hours after the announcement, the Baby Doge team introduced the BabyDoge explorer, a multi-chain search tool that will be integrated into all Baby Doge products, including puppy.fun and the Baby Doge wallet app.

The success and price action of a memecoin is often based on the hype surrounding it and the strength of its community. For Baby Doge, recent developments have clearly played a major role in sustaining its price rally, as each new announcement and listing boosts investor confidence and keeps the momentum going.

At press time, public sentiment around the project remains positive, with community members on X and the project’s Telegram group excited about the upcoming launches. This optimism could push the price even higher, especially considering the token’s relatively small market cap, which leaves plenty of room for growth.

Will there be a fix soon?

Technical indicators show that BABYDOGE is currently in an uptrend, having broken above the upper Bollinger Band and supported by an increase in volume, which is up 393.40% in the last 24 hours. However, the Relative Strength Index at 100 suggests an overbought scenario, suggesting a possible correction on the horizon.

BABYDOGE Price, Bollinger Bands and RSI chart | Source: crypto.news

Adding to this bearish outlook, BABYDOGE’s weighted funding rate turned negative at -0.0881, while open interest fell 5% to $580.67K. This decline in open interest signals a shift in trader sentiment toward bearish positions, likely predicting reduced market participation and a pullback.

Memecoin is currently trading between the $0.000000001586 support level and the $0.000000002738 resistance level.

If the buying pressure continues and the price breaks through the resistance, we could see a push to new highs. However, if the price fails to hold the support level, a correction could potentially send the price lower, especially when the RSI shows overbought conditions.