Baby Doge Coin Breaks September Highs, Rally Continues Despite Bitcoin [BTC] Struggles

Baby Doge [BabyDoge] has rallied close to 200% since the 12th of September, almost a month ago. At press time, it was up by 237% from the lowest price it reached this year, which was in the first week of August.

Baby Doge (CRYPTO:BABYDOGE) has seen a 237% rally from the lowest price it hit this year in the first week of August. At press time, the meme coin was trading at $0.000042.

The Baby Doge coin price rally began in September after Binance listed the meme coin. Usually, a listing on top exchanges tends to hype up the token and bring it to the attention of traders. In this case, the Baby Doge coin bulls were able to ride the wave higher.

Baby Doge coin breaks September highs

BABYDOGE’s price rose by 217% in three weeks from the lows on September 6. However, the meme coin saw a deep retracement and went on to test $0.000018 (numbers reduced by a factor of 10^6 for legibility).

This 33% retracement was quickly overcome in the first week of October. Even as Bitcoin (CRYPTO:BTC) struggled to break above the $63K resistance zone, Baby Doge coin managed to clock a 64% gain. Such rapid and massive bullish gains helped the meme coin gain attention online and attracted more buyers expecting further gains.

The moving averages showed bullish momentum, and the breakout past the local highs showed firm bullish intent. The A/D indicator bounced higher in October and showed that demand was strong.

Assessing the speculative sentiment

The Open Interest leaped from $18.5 million to $39.5 million in the past three days. The OI doubled alongside a strong price rally, indicating bullish sentiment.

The nearly 10% dip of the past 24 hours was accompanied by an OI drop.

While the short-term sentiment appeared in favor of the bulls, the Funding Rate has been predominantly negative over the past week. This indicated that short sellers were paying funding to the long position holders.

It also pointed toward bearish sentiment, countering the findings on the Open Interest chart.

These mixed signals in the Futures market could make traders’ decisions harder, but the bullish argument has more merit due to the recent price action.

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