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Dogecoin Price Jumps by More than 30% in last 24 hrs, Can It Retest ATH?

Dogecoin, the meme currency broke past the key resistance or $0.40 earlier today after spending the majority of last month under $0.35. The recent price spike came in the wake of the Coinbase Pro listing announcement. Coinbase Pro is a dedicated exchange for institutional purchases and Dogecoin will start trading on the platform starting June 3. The inbound transfers for Dogecoin began on June 2 while trading will open on June 3.

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Coinbase listing has often led to a surge in the price of many newly listed tokens, and Dogecoin listing followed a similar trend. The fifth-largest cryptocurrency by market cap rose over 30% to breach crucial resistance of $0.40 and currently trading above $0.43.

This bull season has turned Dogecoin from a meme token into a real investment as the altcoin surged over 6,000% throughout 2021. The Dogecoin frenzy was aided by continuous support from Elon Musk and social media buying frenzy which saw its price spike from $0.0104 in January to $0.737 in the second week of May.

Will Doge Retest its ATH?

The current price spike has helped Dogecoin break past the key resistance of $0.40 and also helped it to break out of triangle formation on the 4-hour price chart, indicating a high bullish price action. The next target for the altcoin is $0.5 before it moves on to retest its all-time high.

Source: Twitter

The price of the meme currency was earlier driven by buying frenzy among social media users who believed the meme coin could touch the $1 price soon. The mammoth rise in price helped dogecoin to make it to the top-3 cryptocurrencies by market cap, leaving behind BNB, XRP, and many others.

Dogecoin is currently trading at $0.4391 with an over 36% surge flipping Cardano for the fifth spot. A move over 0.45 could open the gates for ATH retest from here.

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