Earlier today we reported that Binance had finally listed Dogecoin on its platform. As this news spread, the price of DOGE saw a notable spike, at one point touching on $0.005. The price then sharply corrected, but there is some evidence of a bounce forming.
Looking at the hourly timeframe, it’s easy to see when the news of the Binance listing hit the market. As the hours went on however, the price was unable to maintain and a sharp correction took place down to around $0.0035, not far from where it started.
Now there is some evidence though that a bounce is forming, as we are seeing higher lows and higher highs here on the hourly. If momentum can hold, we will likely retest back up to at least $0.0044. Should it break however, we could dip again towards where we started, around $0.0035. Note the 50 hour MA, which likely will provide some support.