Dogecoin Bears Unshaken Despite New Trading Pair Addition On Top Exchange
April 27 2023 - 5:00PM
NEWSBTC
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. Related Reading: EOS Foundation Launches
Upgrade As Crypto Market Rallies 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. Related Reading: 37
Billion Dogecoin Holdings In Jeopardy: Price Level Investors Should
Watch 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
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