Dogecoin Price Analysis: DOGE up by 30% as it enters Coinbase Pro listing; what next?

TL;DR Breakdown

• Dogecoin price analysis highlights DOGE’s 30 percent price surge in the wake of joining Coinbase Pro listing.
• Dogecoin’s recent surge makes it the 5^th largest cryptocurrency in the market, according to coinmarketcap.com.
• Cardano paves the way for Dogecoin in market cap ranking.

Elon Musk’s favorite crypto asset, Dogecoin, registers an impressive 30 percent price surge in the last 24-hours following the announcement of its listing to Coinbase Pro. At the time of writing, the Nasdaq-listed crypto exchange platform is accepting inbound transfers of Dogecoin cryptocurrency. Although trading is yet to begin, Coinbase users will start trading tomorrow at 9 am Pacific Time.

Dogecoin Price Analysis: General price overview

During Tuesday’s early morning trading session, Dogecoin registered a 30 percent price surge following news of its listing on Coinbase Pro. The news of its listing was met with a flurry of tweets from the self-titled DOGE king, Elon Musk. On May 31, Coinbase took to their media outlets to announce the listing of the crypto coin on its professional platform, Coinbase Pro. The move saw Dogecoin experience a sudden price revival that saw its dwindling fortunes change for the better.

During May’s trading session, Dogecoin depreciated by almost 60 percent, following the market-wide plunge. On Tuesday, the crypto asset skyrocketed from $0.314 to about $0.44 in the hours following the listing announcement. Overnight, Dogecoin appreciated by over 30 percent. Coinbase Pro is accepting inbound transfers at the time of writing in the eagerness of the crypto coin trading commencing on Thursday. Dogecoin’s upward trend following the listing news is not unique in the market as many other newly listed coins follow a similar pattern after joining Coinbase. At present, Dogecoin is the 5^th most significant crypto token by market cap, following its 30 percent growth. Be that as it may, the sudden price uptick saw the crypto coin breach crucial resistance levels such as the $0.4 to currently exchanging hands at around $0.4136.

Dogecoin price movement in the past 24 hours

After spending most of its time last month under the $0.35 mark, Dogecoin’s 24-hour price movements have seen the crypto move past critical resistance levels such as the $0.4 mark. This sudden price surge has seen Dogecoin turn from a joke cryptocurrency into a fully-fledged investment option. Throughout the year, Dogecoin has seen price growth of more than 6,000 percent. Although Dogecoin’s recent surge can be attributed to the listing news, Elon’s social media actions have also played a pivotal role in ensuring DOGE emerges as a serious altcoin. Elon’s social media actions are usually accompanied by buying or selling frenzy depending on the news.

Dogecoin 4-hour chart

The latest price surge has not only seen Dogecoin move past the $0.4 resistance barrier, but it has also seen the crypto coin move above the triangular pattern on the 4-hour price chart. According to this technical indicator, the crypto coin is currently enjoying a bullish leg that might push it to new milestones. At present, Dogecoin bulls appear to target the $0.5 price region before it moves to retest its ATH.

Conclusion

The price of the dog-themed crypto asset was primarily driven by a surge in buying pressure among social media users who believe Dogecoin could hit $1 in the near term. Regarding market cap Dogecoin at the time of writing, seats above Ripple, Binance coin, and many other cryptos. A decisive close above the $0.45 price region could see the crypto coin retest its ATH.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/dogecoin-price-analysis-2021-06-02/