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.