Dogecoin, the cryptocurrency created by Billy Markus from Portland-Oregon which started as a joke currency, using the meme of a dog, is currently listed on the Binance exchange.
Following an announcement by Binance exchange, the price of Dogecoin paired against the USD soared by about 51% within 2 minutes.
Live trading of Dogecoin pairs on the Binance exchange began with the following Dogecoin pairs, DOGEUSD, DOGEBTC, DOGEBNB, DOGEUSDC, and DOGEPAX.
US top cryptocurrency exchange Coinbase also supports Dogecoin on its Coinbase crypto wallet service.
From the daily chart illustration of the DOGEUSD, the pair signaled a breakout of bearish accumulation on March 12 ’19 and shot off into a bullish trend increasing by 116.1%.
The price surge retraced by about 44% before a hidden bullish divergence pattern in combination with a breakout of bearish accumulation on May 02 ’19 forced the price into resuming the bullish trend.
Further attempts by the bears to drive the price south failed to an increase in buying power on May 19 ’19 (0.00228586), June 17 ’19 (0.00275015), and July 05 ’19 (0.00269194) respectively.
The recent listing on the Binance exchange led to an increase in speculative adoption and consequently an increase in the Dogecoin price.
Let’s take a step down to the 4hour chart for a further breakdown of the price dynamics.
On June 28 ’19 03:00 on a 4hour chart of DOGEUSD, a breakout of bearish accumulation pattern is signaled to form a lower low that will later become a part of the hidden bullish divergence on July 03 ’19 (0.00288550).
The pair jumped up by 44.0% following the hidden bullish divergence on July 03 ’19 and started a retracement from a breakdown of bullish accumulation on July 05 ’19 07:00 (0.00483112).
A buildup of hidden bullish divergence is currently in view, as the Dogecoin price makes a higher low, compared to the lower low at press time.
There’s a general increase in speculative adoption across the entire cryptocurrency market, as a follow up to the listing of Dogecoin on the Binance exchange, as the coin serves as a store of value.