DOGE soars to $0.005 after the Binance listing news, then takes a dip

05 Jul, 2019
by David Borman
Price Analysis
DOGE soars to $0.005 after the Binance listing news, then takes a dip

Earlier today Chepicap reported that Binance had finally listed Dogecoin on its platform. As this news spread, the price of DOGE saw a notable spike, at one point touching on $0.005. The price then sharply corrected, but there is some evidence of a bounce forming.

DOGE/USD Chart provided by Tradingview

Looking at the hourly timeframe, it's easy to see when the news of the Binance listing hit the market. As the hours went on however, the price was unable to maintain and a sharp correction took place down to around $0.0035, not far from where it started.

Now there is some evidence though that a bounce is forming, as we are seeing higher lows and higher highs here on the hourly. If momentum can hold, we will likely retest back up to at least $0.0044. Should it break however, we could dip again towards where we started, around $0.0035. Note the 50 hour MA, which likely will provide some support.

DOGE/USD Chart provided by Tradingview

As we can see on the daily, Dogecoin has been climbing steadily along with much of the market ever since April 1st. Its ascent has largely been supported by the 50 Day MA, though we will see if that continues after this news. Also note the volume involved in todays candle is bigger than we saw even during the April pump.

A consolidation at this point would not be too surprising for DOGE, which often doesn't hold onto its pumps, but at the same time the price has been rising steadily with the market. If the price can even just hold at current levels, it could mean Dogecoin has found support at a higher price point, which would still fit with the current trend.

Can Dogecoin keep it up, now that it is listed on the worlds biggest exchange? Stick with Chepicap for all Dogecoin price action news!

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