Dogecoin has acquired yet another use case for payments on iOS, furthering Dogecoin’s move towards mainstream adoption while Dogecoin is trading close to an important technical resistance level.
Dogecoin Adds iOS Payments
With Dogecoin now offering crypto payments on iOS, the utility of the coin in making payments has improved greatly. This move is bound to improve the usage of Dogecoin as it provides another means through which payments can be made using DOGE coins.
Payment utility still holds much significance when talking about Dogecoin since the digital coin was developed as a way to offer quick and cheap payments. With improved access to payment means, people would have an easier time using their DOGE coins.
iOS development comes at a time when there are indications of a possible technical change for DOGE.
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Why Is the Market Watching DOGE?
The latest Dogecoin technical information reveals relatively high volatility amid the cryptocurrency being near one of the crucial technical levels.
Currently, DOGE is trading at $0.09353, while the 24-hour volume is $601.78 million. The market capitalization for DOGE is near $14.60 billion. DOGE increased its price by 0.72% in the last 24 hours.
The combination of payment expansion and technical pattern improvement adds more importance to the above-mentioned setup. In particular, the iOS payment availability refers to ecosystem development, while the price behavior near $0.095 can show whether DOGE will stay in the same range or enter the next one.
Nevertheless, the payment development by itself does not determine the exact price action. The DOGE coin would require further market interest and a technical breakout to support the existing setup.
What Does the Technical Setup Show?
Dogecoin remains consolidating within a descending triangle, as per the analysis by crypto analyst Ali Martinez. The consolidation is becoming more and more compressed as DOGE approaches the peak point.
The nearest resistance level stands at $0.095. A four-hour breakout above this level will be a confirmation of a breakout of the pattern.
However, the recent consolidation zone also plays an essential role for the DOGE coin. The inability to break above $0.095 may lead to trading of the crypto in the previous range.
The other critical indicator here is the 200-day EMA. As noted by the analyst Trader Tardigrade, DOGE has managed to break above this moving average after being rejected several times at a similar level.
This is a very crucial development since, in a technical analysis context, the 200 EMA changes its character from resistance to support once broken above.
What Happens Next?
The other big trigger for Dogecoin will be the price action near $0.095. Moving past that level will confirm the breakout above the descending triangle pattern.
The 200-day EMA will still be crucial for DOGE as it seeks to preserve the technical setup in place. On the other hand, the new iOS payment capability might serve as a factor for increasing the usefulness of Dogecoin, provided that this functionality becomes more widespread.
For the time being, the combination of the increased payment options and the improvement in the technical setup makes DOGE face a critical crossroads.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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