How could bullish Baby Doge price predictions have emerged in a bear market? The evolution of the bullish pattern on the daily chart in two weeks is one such story. The pair’s recent uptick from the 19 May low brought this opportunity, as it provided a retracement entry opportunity for the bulls.
This retracement came in the form of a bounce on the 61.8% Fibonacci retracement level, with the overall pattern resembling that of a bullish pennant. The intraday high marks the completion point of the pennant’s breakout move and conforms to the technical expectations for this pattern. For example, if a trader had bought $13,800 worth of Baby Doge tokens at the pattern’s breakout, the move would have returned 54%.
Apart from the back and forth exchange of words between Elon Musk and Doge founder Billy Markus, there has been no major fundamental trigger for price action. The upside seen in the Baby Doge token follows the recent gains made by most cryptos this week. However, the pair remains in a downtrend, so bullish Baby Doge price predictions may need to wait for confirmation of invalidation of any bearish retests.
Baby Doge Price Prediction
The pair has met resistance at the 0.0000000021291 price mark, where the previous high of 21 May and 31 May reside. This has led to an intraday rejection which violated the 38.2% Fibonacci price level from the swing low of 19 May to the swing high of 21 May. At this support, the price bounced and therefore remains in the range formed by the 38.2% Fibonacci retracement level and the 23.6% Fibonacci retracement level.
A further advance requires a break of the intraday high, targeting the 15 April high at 0.0000000025859. Above this level, additional recovery takes the pair toward the 13 March 2022 high at 0.0000000028752. 0.0000000034234 is another northbound target awaiting the bulls if the 13 March high is cleared.
On the flip side, a breakdown of the 38.2% Fibonacci level at 0.0000000016516 opens the door for a further decline, targeting the support level provided by the 61.8% Fibonacci retracement at 0.0000000013829. Below this level, the BABYDOGE/USDT pair is expected to find additional support at the 20 May low (78.6% Fibonacci retracement level) before the 0.0000000008652 (19 May swing low) re-enters the picture as a strong pivot.
BABYDOGE: Daily Chart
