Baby Dogecoin Licks The Floor, May Taste Higher Prices Ahead

Baby Dogecoin BABYDOGE/USD surpassed 555,000 holders on Sunday and celebrated on Twitter.

The cryptocurrency, dubbed the son of Dogecoin DOGE/USD, was thrust into the spotlight on July 1 after Tesla Inc TSLA CEO Elon Musk rhymed about the coin on Twitter to the tune of the popular “Baby Shark” song.

Following Musk’s tweet, Baby Doge soared to an all-time high of $0.000000008859 on July 4 before selling off.

The Baby Doge Chart: Since July 10, when Baby Doge hit a high of $0.000000002711, the crypto has traded in a fairly consistent downtrend making lower highs and lower lows.

On Monday, Baby Doge was trading lower again but was holding above a support level at the $0.0000000015 level.

Between Friday and Monday Baby Doge settled into a bullish falling wedge channel. If the pattern is recognized, Baby Doge could make a bullish break similar to when it broke bullishly from a falling wedge on July 20.

To break bullishly from the channel, big bullish volume will have to come into the crypto and on Monday afternoon Baby Doge’s volume registered at about $8.66 million, which is down over 8% from the crypto’s average daily volume.

Baby Doge has resistance above near $0.0000000019 and $0.0000000021. The crypto has support below near $0.0000000015 and $0.0000000013.