Markets Cheer as Coinbase Pro Adds Dogecoin (DOGE)

Posted Wednesday, June 2, 2021 by
Aiswarya Gopan • 2 min read

Dogecoin (DOGE) is off to a bullish start on Wednesday as traders cheered the addition of the memecoin to popular cryptocurrency exchange Coinbase’s list of offerings to its professional investors. Although it has been around for several years, its recently ssoaring popularity has finally caught the attention of the key crypto exchange in the US.

Dogecoin will now be available to trade on Coinbase Pro – the exchange’s services catering exclusively to professional investors who have advanced expertise in trading. The platform features not just more tools to help its users perform in-depth technical analysis but also makes available a wider range of cryptocurrency pairs for its users to trade. The development will allow professional traders on the platform to trade DOGE against BTC and USDT, in addition to leading fiat currencies such as USD, EUR and GBP.

As we mentioned before the cryptocurrency started as a joke but generated a lot of interest in the online community, especially thanks to Tesla CEO Elon Musk’s personal interest in it. Since the beginning of 2021, Dogecoin has given back nearly 8,000% worth of returns to its investors, making it one of the most profitable crypto investments.

However, the volatility in the digital asset is also extremely high, with its price being extremely sensitive to announcements put out by Musk frequently, in addition to updates about its adoption and interest among investors. At the time of writing, DOGE/USD is trading at around $0.39.

Key Levels to Watch

On the 4-hour chart, most of the moving averages as well as the MACD indicator support a bullish bias in DOGE/USD. The price has recently broken past several key resistance levels on the Coinbase announcement and looks set to climb past the $0.40 level soon.

The next key interest level sits just above $0.50 and it remains to be seen if buyers can push the price past this point in the near-term. If not, we could see the price slide down to test $0.35 in the immediate future.