The Babylon (BABY) token saw its price leap 72.08% in the last 24 hours, hitting $0.1365 as trading volume jumped 77.47%.

The surge happened right after the token appeared on Binance and Bitget exchanges and the Babylon Genesis mainnet went live, the first Layer-1 using Bitcoin security.

The Babylon (BABY) token price soared 72.08% in the last 24 hours, reaching $0.1365 as of 08:30 AM EDT on 10 April. The token’s trading volume also surged 77.47%.

This surge comes after the token was listed on Binance and Bitget exchanges and the Babylon Genesis mainnet went live, becoming the first Layer-1 using Bitcoin security.

The airdrop of the token has also been completed, with the Babylon Foundation announcing the development.

"Dear Babylonian, the Babylon Foundation is happy to announce that the airdrop has just been successfully executed! You should be able to see your BABY in your wallet very soon," the announcement reads.

"There is no transfer restriction on your BABY. You could also stake your BABY to secure Babylon Genesis and earn more BABY. We hope you enjoy using the Babylon chain."

The token had reached a new all-time high of $0.149 on 10 April, according to data from CoinMarketCap.

BABY price today dropped by 0.23% in the last 24 hours as of 08:30 AM EDT on Monday, 10 April, trading at $0.135. The token is still up by 1,143.97% in the last year.

On the other hand, Bitcoin price today dropped by 0.30% in the last 24 hours, trading at $70,046.86. The coin is up by 10.97% in the last seven days.

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Can bullish signals push BABY past 0.149 ATH?

Looking at the 1-hour chart, BABY is showing strong bullish momentum with the RSI crossing into overbought levels at 72.13.

However, the persistent rise of RSI, despite reaching overbought territory, and the sustained uptrend in Bollinger Bands suggest that strong market sentiment may continue to support an extension of gains.

The Bollinger Bands are widening with price action hugging the upper band, suggesting volatility expansion and sustained bullish pressure. The middle line (20-day SMA) is far below the current price, backing the idea of strength.

A potential retest of the ATH at $0.149, followed by a psychological break to $0.150 if momentum persists, is quite possible in the short-term.

On the second chart, the MACD line (blue) is pulling further away from the signal line (orange), forming a bullish divergence. Increasing histogram bars support a continuation of this trend.

What’s next for $BABY? Fibonacci targets point towards $0.18-$0.23

Meanwhile, the Fibonacci extension levels project some compelling upside targets.

These levels suggest BABY could hit $0.185 to $0.23 in the next wave, assuming sustained volume and market momentum.

Why did BABY surge?

BABY’s breakout coincides with a cluster of major events:

Token listing on Binance and Bitget exchanges brought heightened liquidity and visibility to the token, sparking buying pressure.

The launch of the Babylon Genesis mainnet, billed as the first Layer-1 using Bitcoin security, introduces a unique technological innovation.

The successful execution and completion of the BABY token airdrop brings the token distribution phase to an end.

These events combined to generate strong bullish sentiment, which is evident in the technical indicators and the price action of the token.

However, critics have pointed out several concerning aspects of BABY’s tokenomics.

Specifically, they highlight the staggering 66% allocation of tokens to the team, advisors, and early investors, which raises questions over potential sell pressure and control over the token.

Furthermore, the BTC staking ROI, amounting to a meager 0.6% over six months, has also drawn criticism, especially in the context of the high APRs offered by DeFi protocols.

This content is for informational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing in any cryptocurrency or participate in any blockchain programs.