In a strategic expansion of its trading options, Kraken Pro, an advanced cryptocurrency trading platform, has announced the listing of a new Dogecoin trading pair.
In a new tweet, the crypto platform powered by U.S.-based crypto exchange Kraken announced the addition of a new trading pair for Dogecoin (DOGE) to the Australian Dollar (AUD): DOGE/AUD.
This move signifies Kraken Pro’s commitment to diversifying its offerings and providing its users with more flexibility in their cryptocurrency trading endeavors.
📣 New trading pairs available for spot
✔️ DOGE/AUD
Start trading now: https://t.co/IcKKnkPD6y
*Geographic restrictions apply pic.twitter.com/ZgEZtEijzE
— Kraken Pro (@krakenpro) June 5, 2024
Dogecoin, the eighth-largest cryptocurrency which was initially created as a joke, has evolved into a serious contender in the cryptocurrency world, with a passionate community and widespread recognition.
Introducing new trading pairs generally enhances market liquidity, offering traders more options and, thus, the introduction of the new Dogecoin trading pair remains noteworthy.
The DOGE/AUD pair is anticipated to open the door for more individuals to participate in the Dogecoin market. Being paired against the Australian dollar AUD, the listing is expected to simplify the trading process for Australian users and marks a significant step in expanding the reach of Dogecoin within the cryptocurrency market.
Dogecoin price action
At the time of writing, Dogecoin was up 1.52% in the last 24 hours to $0.162. Dogecoin is up for the third day in a row, following its recovery from a low of $0.1542 on June 2.
If the rebound sustains, Dogecoin bulls may attempt to push the price to the overhead barrier of $0.174. This is a key resistance level to watch since a break and closing above it might pave the way for a rally to $0.21.
Conversely, if the price falls from current levels, it may indicate that bears are active at these levels. This might keep the Dogecoin price trapped in the range between $0.18 and the 50-day SMA for a while. A break below the 50-day SMA shifts the short-term advantage to the bears. Dogecoin may then drop to $0.14.