Dogecoin (DOGE) Surges on Coinbase Pro Listing News, Elon Musk Tweets Approval
Dogecoin (DOGE/USD) News, Analysis, and Charts:
News that Coinbase Pro will allow trading in Dogecoin from tomorrow (June 3) sent the meme-inspired coin sharply higher as traders begin to price in the added liquidity and potential buying interest from a new pool of investors. Coinbase Pro accounts will be able to transfer their Dogecoin holdings into their professional accounts’ if liquidity measures are met’ according to a company blog post. Coinbase Pro is geared towards the more active trading accounts compared to the normal Coinbase account.
If Coinbase Pro adoption is successful, then the standard accounts are likely to have trading access to Dogecoin in the coming weeks.
Dogecoin is currently trading 25% on a 24-hour basis, fueled in part by a tweet from ‘Dogefather’ Elon Musk who appeared to approve the move, boosting the attraction of the coin.
The daily chart shows Dogecoin touching a fresh two-week high and eyeing further gains. The recent series of lower highs has been broken, while a series of higher lows off the May 19 low at $0.21 remain in place. A prior high at $0.45 may temper the move in the short term.
Dogecoin (DOGE/USD) Daily Price Chart
Chart via TradingView
The Ethereum/Bitcoin spread has recovered a large part of the mid-to-late May sell-off and has resumed its move higher. The recovery shows the positive sentiment towards Ethereum and the recent 810+ high may soon come under pressure.
Ethereum/Bitcoin (ETH/BTC) Daily Price Chart
Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre
What are your views on Dogecoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.