Baby DogeCoin jumped 174% in Jan as fans try to get BABYDOGE listed on Binance

Key Takeaways:

• Baby Dogecoin prices jumped nearly 174% in Jan before prices pared.
• The BABYDOGE community is currently trying to get the meme token listed on Binance.

NEW DELHI (CoinChapter.com) — Dogecoin spinoff Baby Dogecoin registered an impressive rally as it began 2022 with a 174% in just ten days.

The rally seems even impressive considering the wider crypto market has not had a very happy new year, with the total crypto market cap down 10% since the year began. However, it seems that the overall market trend did not affect Baby Dogecoin price action.

On the daily charts, BABYDOGE’s relative strength index is 100, quite firmly establishing the meme token in the overbought regions. As such, the meme token might be at the brink of a trend reversal, as an overbought RSI often indicates an upcoming reversal.

At present, the BABYDOGE token has immediate resistance at the $0.000000003476 price level. Further upside movement could see Baby Dogecoin price challenge resistance at $0.000000003747. A sustained uptrend could see the BABYDOGE price rise to $0.0000000041 before any pullback occurs.

Additionally, if price action breaks down, BABYDOGE has immediate support near $0.000000003.

Further support for the memecoin comes from Baby Dogecoin’s 26-day EMA trendline near $0.00000000262. Selling pressure seems to be strong for Baby Dogecoin, with the token jumping nearly 44% on Jan 10 before profit-taking pulled down prices.

Meanwhile, trend-based momentum oscillator MACD is bullish for Baby Dogecoin prices. The indicator painted a bullish crossover for BABYDOGE on Dec 16. A bullish crossover occurs when the MACD line (difference between 12-day and 26-day EMA) moves above the MACD signal line (9-day EMA of MACD).

Bars on the MACD histogram are contracting, which might indicate a weakening in Baby Dogecoin’s momentum. The MACD histogram plots the difference between the MACD line and its signal line.

BABYDOGE On Binance?

The Baby Dogecoin community is currently trying to take advantage of a new year campaign by Binance founder Changpeng Zhao. On Dec 22, Mr. Zhao tweeted that he plans to make the wishes of five Binance users come true over the holiday season.

As a result, Baby Dogecoin’s official Twitter handle shared its wish of seeing BABYDOGE listed on the world’s largest crypto exchange.

Furthermore, the memecoin also urged its fans to participate in the giveaway. However, Binance or its founder never mentioned that the rewards program could include listing a new token. As per Binance’s official announcement, the winners would receive $5,000 in BNB that they can use to fulfill their wishes.

Baby Dogecoin is a meme-based crypto asset that ‘seeks to impress his father by showing his new, improved transaction speeds and adorableness,’ or so its website says. However, one key difference between Baby Dogecoin and its father (Dogecoin) is that BABYDOGE has a “limited supply” of 420 quadrillion tokens.

Baby Dogecoin also brands itself as a hyper deflationary token, with a coin burning and liquidity pairing mechanism to reduce the number of BABYDOGE tokens.

At the time of writing, BABYDOGE was trading hands at $0.0000000033, up 11.94% on the day.