Doge rallies 8% after AMC announces it is ready to accept Dogecoin payments

Dogecoin, DOGE, AMC
“AMC 14 in Chesterfield Mall – Entrance” by Tojosan is licensed under CC BY-NC-SA 2.0

Key Takeaways:

  • AMC chief announces the launch of digital gift cards, with the possibility ti use Dogecoin as a payment.
  • DOGE waggs its tail and pumps 8% in responce.

YEREVAN (CoinChapter.com) – Dogecoin and entertainment giant AMC Theaters continue the romance, as the meme-coin has officially become a valid payment for tickets. Much wow for DOGE; the news adds another 8% to the rally, bringing the weekly gains to 27%.

In hindsight, AMC chief executive Adam Aron created a pole last month to make sure the public wanted to see Dogecoin included in the fold of crypto payments. He said, “the passion for Dogecoin is impressive,” and vowed to figure out a way to make that happen.

Fast forward ten days, and the CEO has a plan. First, he announced that the AMC theatres would offer digital gift cards using a BitPay Wallet. He added that moviegoers could use the gift card on the website, the mobile app, and in theatres.

Aside from the mass obsession with all things meme, why would businesses choose to incorporate Dogecoin into their payment systems?

Several factors could influence that decision. According to data from May 2021, Dogecoin provides high liquidity, the virtue of the limit absence. Dogecoin’s faster transactions are another important factor for easy adoption. With the growing adoption of the meme-coin, so does the market capitalization ($33.7 billion). It represents 1.4% of the total crypto market cap.

Also read: Dogecoin (DOGE) eyes big as merchants get ready to accept cryptocurrency payments

Meanwhile DOGE…

… advanced 27% in a week, after weeks of bearish price action. As a result, the digital asset broke out of the falling wedge formation it traded in since mid-August. In hindsight, the falling wedge features two converging trendlines that drive the price action down. The pattern is bullish and promises gains after it is exhausted.

DOGE managed to ascend over its 20-day exponential moving average (EMA-20; blue wave) and approach the 50-day simple moving average (SMA-50). Moreover, the EMA-20 already corrected its trajectory, taking a bullish course. If the EMA-20 meets the SMA-50 again, it will form a “golden cross.”

Dogecoin's 27% advance in a week. Source: DOGEUSD on TradingView.com
Dogecoin’s 27% advance in a week. Source: DOGEUSD on TradingView.com

The golden cross occurs anytime a short-term MA crosses above a long-term MA after a bearish period. The cross signifies a beginning of a bullish phase for as long as the short-term MA can hold the dominant position.

Also read: Elon Musk tweets both Dogecoin and Floki Inu into a spike; which one will last?

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