Dogecoin bears dealt a blow on the Shiba Inu-inspired meme-coin yesterday after a sudden Bitcoin rally which saw the alpha coin reclaim the $30,000 price level and instantly crash to previous support levels. Several cryptocurrencies, including DOGE, recorded losses after what looked to be bullish sentiments returned to the market as Bitcoin rallied.
However, today’s trade session looked positive for Dogecoin after a leading cryptocurrency exchange announced the addition of a new trading pair for DOGE. While trading pair additions can boost liquidity and positively impact the trading volume of a cryptocurrency, DOGE is yet to be impacted positively in price.
Binance Exchange Pairs Up Dogecoin With TrueUSD (TUSD)
On Thursday, April 27, 2023, the Binance exchange announced on their website and mobile trading application about the TrueUSD (TUSD) stablecoin addition as a DOGE trading pair.
This addition is programmed to go live tomorrow, April 28, 2023, at 08:00 UTC. However, the Binance spot grid for DOGE/TUSD will be enabled within 48 hours of the trading start time. The TrueUSD(TUSD) team confirmed this development via their official Twitter handle.
.@binance will add $DOGE/TUSD trading pair at Apr 28th 08:00 (UTC)
Binance Spot Grid will be enabled for the trading pair within 48 hours of the trading start time. https://t.co/b1qqU3R7Qu
— TrueUSD (@tusdio) April 27, 2023
Due to this positive announcement and development, Dogecoin has seen some gains and could continue to extend them in the coming days. Trading pair additions to a cryptocurrency can boost liquidity, price growth, and exchange trading volume.
A potential hurdle for the bullish price action could come from Shibetoshi Nakamoto, who took to Twitter to say he does not represent DOGE. Shibetoshi, once again, established some distance between himself and the project, which could be detrimental to the long term due to the founder’s popularity and influence.
Doge Technical Analysis On The Daily Timeframe
When writing, Dogecoin is trading at $0.079 and stands close to resistance levels on the daily chart timeframe. While Doge rallied and broke resistance yesterday due to Bitcoin’s sharp price movements from sub $27,000 to $30,000, the bullish price action was short-lived.
Today’s trading session turned positive for Dogecoin, forming a bullish candle following the Binance announcement of a new stablecoin trading pair, TrueUSD.
However, Dogecoin is yet to notably move in price as it trades below its immediate resistance level of $0.08.
DOGE, which trades at $0.079 when writing, is on a negative 24-hour price change of -3% and looks to struggle with a price.
Bitcoin’s unstable and sideways movements provide Dogecoin bears more room to impact. However, Dogecoin still has upside potential if Bitcoin picks up momentum.
Doge seen trading at immediate resistance level on the daily chart timeframe | Source: DOGEUSD on TradingView.com
Featured Image from Istock, Chart from TradingView.com