Benzinga asked his Twitter Inc (NYSE: TWTR) Followers on Sunday evening to see what stocks to buy on Monday at the Open. Benzinga selected a ticker for technical analysis from the responses.
@ Shafiusani20 and @ surajit29151069 just buy Baby Doge Coin (CRYPTO: BABYDOG).
Baby Doge enthusiasts have largely managed to get out of the dog fights between the Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) packs. Perhaps that’s because Baby Doge was too busy focusing its efforts on saving animal lives: The crypto announced on December 15 that it had partnered with it North Shore Animal League America, the world’s largest non-killing animal rescue and adoption organization.
To start the partnership, Baby Doge initially donated $ 150,000, but the collaboration will eventually evolve, such as the introduction of a Baby Doge-packaged mobile rescue unit, interstate animal transport, and exclusive merchandise to raise awareness, drive engagement and save animal life.
Like most of the cryptocurrency market, Baby Doge has been in a slump lately and is currently trading well below its all-time high of $ 0.0000005220 October 30th. There are signs that the cryptocurrency has hit rock bottom as long as it can hold above an important support level of $ 0.000000001300.
See Also: Bitcoin, Ethereum, Dogecoin Going Down Christmas Week: Analyst Says Traders Are Tending To These Coins Instead
The Baby Doge Chart: Baby Doge may have found a floor at the key level when testing the area as a support on December 14th, 15th and 16th, Baby Doge has started to curl up slightly from the level.
The curl can eventually create a rounded bottom pattern, which may indicate the bottom is in and the crypto is slowly beginning to climb higher. Bullish traders should watch out for the cryptocurrency to regain the eight-day exponential moving average (EMA), which would help drive Baby Doge up.
As of Dec 10, Baby Doge has been consolidating sideways between the $ 0.000000001300 level and an upper resistance level of $ 0.000000001623 with mostly below average volume. Eventually, either a large bullish volume or a large bearish volume will kick in to break the crypto out of the sideways pattern.
Baby Doge trades below the 8- and 21-day exponential moving averages, with the 8-day EMA trading below the 21-day trend, both bearish indicators. The crypto is also trading below the 50-day simple moving average, suggesting that the longer-term sentiment is bearish.
- Bulls want to see large bullish volume pushing Baby Doge above the 8-day EMA and then for sustained momentum to push it above the $ 0.000000001623 level. Above the range there is another resistance at $ 0.000000001869 and $ 0.000000002185.
- Bears want to see a large bearish volume and drop Baby Doge below the important support level. Below that level there is further support at $ 0.0000001042 and $ 0.00000000761.
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