DOGE Forms Bullish Pattern as SPAR Switzerland Adopts Cryptocurrency Payments

Dogecoin is selling at 0.2005 after rising by 7.155% in the last 24 hours. The trading volume increased by 103.935% to a record level of $ 2.4B, and the market capitalization is at $30.33B. The token has gained 7.48% in the last week, though it has been fluctuating in prices on a daily basis.

Source: CoinMarketCap

SPAR Switzerland Adopts DOGE for Retail Payments

Switzerland's SPAR has included Dogecoin as a payment method in some of its stores nationwide. Customers are now able to use DOGE in order to buy groceries and other important commodities via a safe cryptocurrency payment system. The retail chain is one of the first large operators of cryptocurrency on the basis of memes in Europe.

The company attached its innovation efforts and adaptable payment options as the reason behind the move. The small transaction fee and short processing time of Dogecoin make it a viable option for small and regular purchases. The trend is in line with the strategy of SPAR to make the process of checkout more convenient for customers.

The move, according to crypto analyst Crypto News Hunters, was a significant move towards mainstream adoption of cryptocurrencies. The integration proves the transition of DOGE from a digital novelty to a practical way of paying money to make purchases in the daily routine.

Technical Formations Suggest Bullish Momentum Building

Analyst Elite Crypto found the cup-and-handle pattern emerging on the price charts of Dogecoin. This is an occurrence that happens before a technical formation, and this is followed by an upward price movement. The trend is positive and indicates that the stock could rise as high as $0.50 if the momentum is sustained. The current price bands are an area of interest where long-term investors are making their projections.

According to market analysts, entry points below 0.155 would provide good ratios of risks and rewards. Historical evidence suggests that accumulation periods typically precede expansion periods in cryptocurrency markets.

The daily chart showed a two-day low pattern to trader Tardigrade. This trend is often the end of a downtrend and the start of recovery. There were two clear lows formed around the price level of 0.175 to 0.18, which have been re-defined by the buyers twice.

The neckline of the two bottom is close to 0.215. A close exceeding this level daily would reinforce the trend and possibly cause a run-off to $0.24 to $ 0.25. As indicated in the weekly chart, the price is less than the 20-EMA at $0.2238 and the 50-EMA at $0.2144, and this represents short-term bearish pressure.

There are several major levels of support around 0.19 and 0.155. The resistance is high at $0.22 to $0.23. The MACD indicator reflects the declining bullish momentum as the lines in the MACD indicator are about to cross over to the bearish side. RSI is recorded at 46, indicating a fall in buying pressure and a neutral market environment.