- BABB crypto had a strongly bullish structure at press time.
- The range breakout has been successful, and the long-term downtrend was broken.
As a seasoned researcher with years of experience in the cryptospace, I must say that the recent surge in BABB (BAX) has caught my attention. After witnessing its long-term downtrend since March, it’s refreshing to see the token break free and challenge its previous resistance levels.
The digital currency Babb (symbol: BAX) currently holds a market value of about $7 million and experienced a 32.84% surge in the last 24 hours. Notably, its trading activity saw a fivefold increase compared to the preceding day, but still remains quite low at approximately $409,800.
According to the Fibonacci extension indicators, it appears that the value of the BABB cryptocurrency may rise by approximately 43% within the upcoming period. Could we expect a continued and substantial growth in demand for this token, or is the initial excitement starting to wane?
BAX bulls target $0.00015 next
BABB crypto had been in a downtrend from late March to early September.
Since the structure that had been favoring buyers was disrupted when the price dipped below $0.000175, bears (sellers) have held the upper hand in the market, leading to a prolonged decline.
Since October, their dominance has been gradually weakening. This trend led to a phase of consolidation, which saw the price fluctuate between $0.0000533 and $0.0000776.
During the second week of October, the price of BAX significantly increased from approximately $0.0000568 to the $0.0001 mark. However, the resistance at these psychologically significant price levels prevented the buyers from pushing further.
The attempt to break through the resistance failed because the bulls couldn’t manage to turn the upper limit into a support level, however, a new effort seemed imminent by the end of the month.
The significant surge in Bitcoin‘s [BTC] value has created a favorable momentum for cryptocurrencies, allowing alternative coins (altcoins) to climb upwards as well.
Despite being a relatively small cryptocurrency (BAX), it has experienced significant growth, climbing nearly 89% since its lowest point on November 4th. On the other hand, BABB crypto managed to transform the $0.000073 region from a resistance level into a support one.
The bulls have made another rally from this demand zone, taking prices to $0.000104 at press time.
Is your portfolio green? Check the Babb Profit Calculator
Over the last month, the OBV has been on an upward trajectory. This trend, marked by a succession of rising bottoms (higher lows) and rising tops (higher highs), indicates a consistent increase in demand, particularly during the past fortnight.
On the 4-hour chart, the Relative Strength Index (RSI) reached 75, indicating a robust upward trend. However, it has not displayed a bearish divergence as of yet.
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2024-11-21 20:07