Dogecoin broke the key resistance at $0.40 today after spending most of the last month below $0.35. The latest price increase came after the Coinbase Pro listing announcement.
Coinbase Pro operates as a private exchange for institutional purchases, and Dogecoin will begin trading on the platform from June 3. Inbound transfers for Dogecoin will open on June 2, while trading will open on June 3.
Starting today, inbound transfers for DOGE are now available in the regions where trading is supported. Traders cannot place orders and no orders will be filled. Trading will begin on or after 9AM PT on Thursday June 3, if liquidity conditions are met. https://t.co/sFYODy4Xma
— Coinbase Pro (@CoinbasePro) June 1, 2021
Coinbase listing often leads to an increase in the price of many new tokens. The listing of Dogecoin led to a similar trend. The fifth-largest cryptocurrency by market cap rose over 30% to break the critical resistance of $0.40 and is currently trading above $0.43.
This bull season has transformed Dogecoin, which has soared over 6,000% throughout 2021, from a joke token to a real investment. While the continued support of Elon Musk in the Dogecoin frenzy attracted attention, the price went up from $ 0.0104 in January to $ 0.737 in the second week of May.
Will Dogecoin (DOGE) retest its ATH?
The current price surge helped Dogecoin surpass the key $0.40 resistance and also allowed it to break the triangle formation on the 4-hour price chart. This indicates a high bullish price action. The next target for the altcoin will be $0.5 before it moves to retest its all-time high.
The price of the prank currency was previously driven by social media users who believed it could touch the $1 price. The massive increase in price helped Dogecoin break into the top 3 cryptocurrencies by market cap. DOGE has surpassed BNB, XRP and others in this process.
DOGE is currently trading at $0.4391. A move above 0.45 could open the doors for ATH testing from here.