Yahoo Finance Dogecoin Cheers Coinbase Listing as Bitcoin’s Range Play Continues
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.
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?
