Within the span of nearly a month, Baby Doge [BabyDoge] has witnessed a remarkable uptrend, soaring by close to 200% since September 12th. As of the latest update, the digital asset has seen a remarkable surge of 237% from its lowest point earlier this year, which occurred in the initial week of August.
The momentum picked up back in September following Baby Doge’s listing on Binance. It is no secret that being listed on prominent exchanges tends to generate hype and shift the spotlight towards the token, leading to a surge in bullish activity for BABYDOGE.
Baby Doge Coin Sets New Highs for September
Measured from its low on September 6th, BABYDOGE witnessed a significant 217% rise over three weeks, followed by a substantial retracement to test $0.0018 (values scaled down by a factor of 10^6 for clarity).
This retracement of 33% was swiftly overcome within the first week of October.
In a period where Bitcoin [BTC] was facing challenges in breaking through the $63k resistance zone, Baby Doge coin managed to achieve a remarkable 64% surge. This rapid and significant bullish momentum attracted attention online and drew in more investors keen on capitalizing on potential further gains.
The moving averages indicated a strong bullish trend, with the breakout beyond local highs signaling a clear intent to move higher. The A/D indicator reflected a bounce in October, indicating robust demand for the asset.
Evaluating the Speculative Sentiment
Over the past three days, the Open Interest surged from $18.5 million to $39.5 million. This doubling of Open Interest alongside a notable price rally underscored the prevailing bullish sentiment.
However, the recent 10% dip in the last 24 hours coincided with a drop in Open Interest.
Despite the short-term outlook favoring the bulls, the Funding Rate has predominantly shown negativity over the past week. This suggested that short sellers were paying funding to those holding long positions.
This conflicting data in the Futures market could potentially complicate traders’ decisions. Nevertheless, the bullish case seems more compelling given the recent upward price movement.
Disclaimer: The information provided should not be construed as financial, investment, trading, or any form of advice, and solely represents the writer’s perspective.