Key Takeaways:
- Dogecoin (DOGE) price soared 12% in 24 hours
- Technical indicators suggest a bullish continuation
- The surge came in the wake of Bitcoin of America offering DOGE in its 1,800 ATMs across the United States
YEREVAN (CoinChapter.com) — Dogecoin (DOGE) traded at $0.14 on Mar. 24, after gaining 20% in a week and pumping 12% in the previous 24 hours. It broke above key resistance on Tuesday, signaling a bullish phase ahead.
In detail, DOGE charted in a pattern dubbed the Falling Wedge for seven months. The setup included two converging trendlines that enveloped the price action and gradually reduced the swing while driving the value down. However, the Falling Wedge is a bullish formation that predicts an uptrend when the token exhausts the pattern and breaks above the resistance.
Also read: SHIB And Dogecoin Make Inroads As US-Based Logistic Company Adopts Coins.
Meanwhile, DOGE attempted to break the $0.13 line as well. Closing above the said margin on Mar. 24 would back the asset’s upside momentum, but the upcoming hours will show if the Dogecoin bulls put enough weight behind the rally.
Additionally, the trend-based momentum indicator Moving Average Convergence Divergence (MACD; green/red histogram at the bottom) charted a bullish crossover for DOGE on Mar. 16.
The latter occurs when the MACD line (blue wave; difference of 12-day and 26-day EMA) moves above the MACD signal line (orange wave; 9-day EMA of MACD). Traders usually consider it a buy signal, helping boost the asset’s price. Considering the MACD line’s vertical trajectory, the bearish crossover is not due in the upcoming sessions.
Also read: Ukraine starts accepting Dogecoin donations, but DOGE unresponsive.
Additionally, the token’s relative strength index (RSI; purple graph) charted at over 65, reflecting traders’ high confidence in DOGE returns. The Dogecoin token’s latest upside move came in the wale of growing adoption.
Dogecoin (DOGE) a push of a button away?
Privately held fintech company Bitcoin of America announced adding Dogecoin to its Bitcoin ATMs, or BTMs, as they are often called. While the occurrence doesn’t add much utility to the meme coin, it ramps up access to the token.
The extended availability would not elevate Dogecoin above its meme coin status. However, it could help legitimize DOGE as an effective instrument of financial transactions.
Also read: 3 reasons why Ethereum (ETH) price could rally sharply.
Meanwhile, Bitcoin of America counts over $1,800 ATMs across 31 states. The BTMs allow for traditional ATM transactions through a customer’s debit card, and users can buy or sell the offered cryptocurrencies for cash.
