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Dogecoin (DOGE) Price Is Up 5% On This News
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin (DOGE) Price Is Up 5% On This News

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Dogecoin DOGE price

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After a tough week for Dogecoin (DOGE) investors, there was at least a small Christmas present from the European crypto exchange Bitstamp yesterday. The fifth-largest exchange by spot trading volume, according to recent data from CoinMarketCap, announced that it will list Dogecoin.

Bitstamp, which is based in Luxembourg, allows trading between fiat currencies and Bitcoin, as well as other cryptocurrencies. As of yesterday, Dogecoin (DOGE) can now be exchanged for euros and USD.

“We’ve launched Dogecoin, the cryptocurrency inspired by the popular Shiba Inu meme, for our customers. Buy and trade DOGE on Bitstamp today!” the exchange wrote.

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Dogecoin Price Shows Slight Recovery

Driven by the news, DOGE recorded a slight upward move today, causing the Dogecoin price to rise by 5% temporarily. At press time, DOGE was trading at $0.776. Thus, DOGE had already lost some of its profits again and is only 2% above the previous day’s price as of press time.

The news has also caused Dogecoin to see a brisk increase in 24-hour trading volume. Compared to the previous period, DOGE’s trading volume spiked by 76%, totaling $590 million. Still, the DOGE army has failed to push the price above the key resistance at $0.0791.

A look at the 4-hour chart reveals that the price is still in strong bearish territory. If DOGE fails to break through the aforementioned resistance, a retest of the support at $0.0700 seems likely to happen.

Dogecoin DOGE USD 2022-12-23
DOGE price showing a slight recovery, 4-hour chart

A look at the 1-day chart also reveals that Dogecoin has been in a descending trend channel since the beginning of the month. After trading as high as $0.114 on December 5, DOGE is currently trapped in this descending trend. A close significantly above the $0.0776 level would mark a breakout from the trend channel and could bring new hope.

DOGE USD_2022-12-23
DOGE price trapped in a descending trend channel, 1-day chart

As NewsBTC reported, DOGE investors can hope for a positive boost from today’s release of the core Personal Consumption Expenditures Price Index (PCE). If the data comes in significantly below expectations, what seems very like to some analysts, the US dollar could weaken and boost risk assets such as DOGE.

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Dogecoin (DOGE) Climbs 2.58% In 24 Hours, Can It Reach $0.1 Before The Week Runs Out?

2 years ago

Is The DOGE Community Losing Faith?

The current downward trajectory comes after Dogecoin’s biggest and most influential fan, Elon Musk, has gone relatively quiet. After the Twitter acquisition, Musk was still very active in promoting DOGE. The Tesla CEO hinted several times that Dogecoin could play a role in Twitter’s future path.

However, in the past week, there were two harsh dampers for the DOGE army. On the one hand, a vote ended with Musk stepping down as Twitter CEO in the coming weeks, and on the other, the platform introduced a new chart feature for Bitcoin and Ethereum, but not for the meme coin.

Featured image from Kanchanara / Unsplash, Charts from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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