Within the last day, the BABB [BAX] token, valued at $7 million, has experienced a significant increase of 32.84%. Its trading volume has risen substantially, reaching $409.8k, a fivefold jump compared to the previous day.
Analysis based on Fibonacci extension levels suggests that there may be a potential additional 43% rise in the value of the BABB cryptocurrency in the upcoming days. The key question remains: will there be a sustained surge in demand for the token, or is the initial enthusiasm starting to dwindle?
BAX Bulls Eyeing $0.00015 as the Next Target
Following a downtrend that persisted from late March to early September, BABB crypto has undergone a notable shift.
The downturn was initiated when the bullish market trend was disrupted upon prices dropping below the $0.000175 mark, leading to the prevailing dominance of the bears in the market.
However, this trend has been gradually reversing since October, with a phase of range formation observed between $0.0000533 and $0.0000776.
In the second week of October, a remarkable rally was witnessed, with BAX climbing from $0.0000568 to $0.0001, albeit facing resistance at the psychologically significant $0.0001 threshold.
Although initial efforts to break out failed to transition range highs into support, another attempt seemed to be gathering momentum towards the month’s end.
Benefiting from the overall bullish sentiment across the cryptocurrency market, primarily accelerated by significant Bitcoin [BTC] surges, altcoins like BAX seized the opportunity to advance.
Despite being a small-cap asset, BABB cryptocurrency has remarkably surged by about 89% since hitting recent lows on November 4th. This led to the successful transformation of the $0.000073 resistance zone into a support level.
The bullish momentum persisted as prices continued to rise, reaching $0.000104 at the time of writing.
Over the past month, the OBV has displayed an upward trajectory. A consistent pattern of higher lows and higher highs indicates a sustained demand, especially noticeable in the last two weeks.
Observing the 4-hour chart, the RSI stands at 75, underlining strong bullish momentum, with no signs of bearish divergence at present.
Note: The content provided is purely the author’s opinion and does not serve as financial, investment, trading, or any form of advice.