Shiba Inu and Dogecoin predecessor might be aiming for reversal to upper border of consolidation range
BabyDoge remains one of the most volatile and speculative assets on the market as Shiba Inu’s predecessor is still struggling to exit the prolonged consolidation range in which it gained up to 80% to its value, but then it lost half of it during a reversal.
BabyDoge entered the aforementioned range back in May when it tumbled from $0.000000003506 to $0.00000000099. Such a rapid and strong drop from the local high caused a panic among investors but also flashed opportunities for speculative traders who aim at high-risk deals that might potentially bring extremely high returns.
At press time, BabyDoge is moving at the lower border of the range which, according to its trading history, suggests that the bounce to the upper border of the range is a possibility which, if it happens, will bring more than 50% in profit to holders.
The range break is what most holders of the meme asset aim for as it might cause parabolic growth and put BabyDoge back at the top.
Network grows fundamentally
Despite the speculative nature of the project itself and the lack of use cases, we are seeing a gradual increase in the number of BabyDoge holders, which is one of the most important signs of growth for any kind of crypto or financial asset.
According to the holder composition, most BabyDoge investors invested in the asset only a few months ago and are already holding it at a loss. Obviously, the story of the memecoin can be compared to Shiba Inu’s, which has shown the market greater returns in recent days.
At press time, BabyDoge is gaining around 3% to its value in the last 24 hours.
Written by: Arman Shirinyan