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Dogecoin Cheers Coinbase Listing as Bitcoin's Range Play Continues
Dogecoin rallies as Coinbase adds support for the meme cryptocurrency. Bitcoin trades within a narrowing range.
Updated Mar 6, 2023, 2:48 p.m. Published Jun 2, 2021, 8:37 a.m.
Dogecoin, the meme cryptocurrency, is rallying in the wake of a new exchange listing while bitcoin remains confined in a narrowing price range, having shaken out newbies and small investors with a 35% price crash in May.
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- Bitcoin is changing hands near $37,200 – up 1% on the day, according to CoinDesk 20 data. Prices hit lows near $35,000 during Asian hours.
- The cryptocurrency has carved out a triangular price pattern on technical charts, representing higher lows and lower highs over the past two weeks.
- The direction of the breakout would set the tone for the next move in cryptocurrency.
- According to on-chain analyst Willy Woo, the cryptocurrency is trading well below its fair value. Thus, a price bounce cannot be ruled out.
- In contrast, JPMorgan analysts foresee another leg lower before stability and recovery. Bitcoin fell from $58,000 to nearly $30,000 in the eight days to May 19.
- Dogecoin is trading at 12-day highs above 32 cents, representing a 5% gain on the day. The cryptocurrency has risen by 18% in the past 24 hours.
- Coinbase's decision to add dogecoin to its professional trading platform seems to have buoyed the Shiba Inu-themed cryptocurrency.
- The new listing exposes DOGE to a new breed of investors. Coinbase debuted on Nasdaq on April 14 and is considered synonymous with high-net-worth investors.
Also read: Analysts Seek Alternatives to Low-Return S&P 500, but Is Bitcoin the Place to Be?
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