- Dogecoin skyrockets following Binance listing news.
- Dogecoin was consolidating within a narrow range between $0.0030 and $0.0035.
Dogecoin defied the bear pressure on the market on Friday to record formidable gains. The ballistic rise mainly driven by the news of listing on the largest exchange by adjusted daily trading volume, Binance. The listing on Binance comes barely a couple of months after Coinbase added it to the user-controlled wallet (non-custody wallet).
Prior to the ballistic gains that caught everyone by surprise, Dogecoin was consolidating within a narrow range between $0.0030 and $0.0035. The 35% rise in value made DOGE/USD the best performing pair on the crypto market. The correction above both the 100 Simple Moving Average (SMA) and the 100 Exponential Moving Average (EMA) gave the price a boosts in an engulfing candlestick that scaled the levels beyond the 61.8% Fib retracement level taken between the last drop from $0.04840 to a low around $0.002815.
DOGE/USD 4-h chart
Dogecoin corrected towards $0.0050 but formed a new high at $0.004840 before retreating below the 38.2% Fib level. At press time, Dogecoin is trading at $0.003766 after finding support at $0.0035 on the day.
The current technical picture has a bullish bias. The Moving Average Convergence Divergence (MACD) is sitting comfortably in the positive. After rising to levels around +0.00015, the divergence is decreasing as a sign of retreat. The Relative Strength Index (RSI) has dived after being ejected from the overbought region. As long as the RSI can stay above the average, Dogecoin has the potential to correct higher forming higher low pattern after the impressive gains.
Initial support is seen at $0.0035 while the 23.6% Fib retracement level will offer support in case of declines progress. Other support levels to look out for include $0.0030 and $0.0025.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige