Dogecoin Price Jumps by More than 30% in last 24 hrs, Can It Retest ATH?

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Dogecoin, the meme currency broke past the key resistance or $0.40 earlier today after spending the majority of last month under $0.35. The recent price spike came in the wake of the Coinbase Pro listing announcement. Coinbase Pro is a dedicated exchange for institutional purchases and Dogecoin will start trading on the platform starting June 3. The inbound transfers for Dogecoin began on June 2 while trading will open on June 3.

Coinbase listing has often led to a surge in the price of many newly listed tokens, and Dogecoin listing followed a similar trend. The fifth-largest cryptocurrency by market cap rose over 30% to breach crucial resistance of $0.40 and currently trading above $0.43.

This bull season has turned Dogecoin from a meme token into a real investment as the altcoin surged over 6,000% throughout 2021. The Dogecoin frenzy was aided by continuous support from Elon Musk and social media buying frenzy which saw its price spike from $0.0104 in January to $0.737 in the second week of May.

Will Doge Retest its ATH?

The current price spike has helped Dogecoin break past the key resistance of $0.40 and also helped it to break out of triangle formation on the 4-hour price chart, indicating a high bullish price action. The next target for the altcoin is $0.5 before it moves on to retest its all-time high.

Source: Twitter

The price of the meme currency was earlier driven by buying frenzy among social media users who believed the meme coin could touch the $1 price soon. The mammoth rise in price helped dogecoin to make it to the top-3 cryptocurrencies by market cap, leaving behind BNB, XRP, and many others.

Dogecoin is currently trading at $0.4391 with an over 36% surge flipping Cardano for the fifth spot. A move over 0.45 could open the gates for ATH retest from here.

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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