Dogecoin Marks Another Recovery Above $0.25, But Why?
Dogecoin has recently been plagued with periods of low interest. The number 1 meme coin has not done so well in the past couple of days. This is partly due to the price crash from the previous week. But also partly due to decreased interest in the project due to poor performance. Even while other dog-themed projects have rallied, Dogecoin has mostly stayed down.
The recoveries in the top 10 crypto coins have not rubbed off on the meme coin either. Bitcoin and Ethereum saw price recoveries. Dogecoin has remained mostly flat for the first half of the week. Until Friday morning when the digital asset began to rally. Leading to a break in the $0.25 resistance point for the first time this week.
Related Reading | Bitcoin And Ethereum Are Rallying Again, But Why Is Dogecoin Down?
Doge Rival, Shiba Inu, Secures Coinbase Listing
“Doge Killer” Shiba Inu (SHIB) finally got listed on Coinbase this week. The announcement comes less than a week after Coinbase had announced it was listing the meme coin on its trading platform. The meme coin’s top rival had earlier been listed on Coinbase Pro. Available to trade if there was enough liquidity in the project. Yesterday, Coinbase posted an announcement that the digital asset was now listed to trade on its main website, Coinbase.com.
The price of Shiba Inu rallied after this news. Posting gains as high as 35%, which could potentially lead to the asset losing another zero in its price. SHIB’s price peaked at around $0.00000970 on Friday morning. Setting a new three-month high and restoring interest in the meme project.
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Being a Doge-inspired coin, the top meme coin also benefitted from this move. As the price of Shiba Inu rallied, Dogecoin saw a bit of price action on its part. The price which had been trending below $0.23 saw a significant spike in price in the early hours of Friday. Dogecoin rallied as high as $0.259. Only to be beaten back down just before a retest of $0.26.
Dogecoin Loses Footing At $0.25
A recovery above $0.25 is very important for Dogecoin. But holding that position proved to be an impossible task. The digital asset only managed to maintain its hold above $0.25 for a couple of hours before the bears came knocking. Successfully dragging the price back down to previous levels before Friday early morning rally.
Doge price trading below $0.25 | Source: DOGEUSD on TradingViewcom
The coin has made small recoveries that have seen it post gains above its 24-hour low. Currently trading at $0.24 but still suffering the effects of the multiple dips that have rocked it throughout the day.
With the weekend approaching along with its low volatility levels, the price might pick up some steam. Although given its current movement in comparison to top crypto coins, Dogecoin’s gains may not match the expected returns on top coins like Bitcoin and Ethereum for the weekend.
Featured image from Infocium.com, chart from TradingView.com