- Dogecoin price witnessed double-digit gains overnight and started an uptrend.
- Bitcoin of America added Dogecoin to its BTC ATM Machines, driving the utility and adoption of the meme coin.
- Analysts note that Dogecoin is attempting to break above the 50-day moving average for the fifth time, revealing a bullish outlook.
Dogecoin price started a massive uptrend in response to news of DOGE adoption boost in the US. A Bitcoin ATM operator added the meme coin to its chain across its locations in the United States.
Dogecoin price breaks into an uptrend with rising adoption
Dogecoin price posted 12% gains overnight, breaking out of its downtrend. The meme coin has seen higher adoption among investors, with rising demand across exchanges over the past two weeks.
Bitcoin of America, a leading cryptocurrency exchange that runs BTC ATM Machines across 1,800 locations in the US, is bullish on Dogecoin. The ATM chain added Dogecoin to its machines, in addition to Bitcoin and Litecoin.
Also read: AMC stock sees further weakness in premarket
The addition of Dogecoin to a Bitcoin ATM network that spans 1,800 locations is bullish for the meme coin’s adoption in the US. Bitcoin of America recently launched a Universal kiosk that combines the capabilities of an ATM, dispenses cash, allows the user to buy crypto with cash, and includes a feature to sell crypto in exchange for cash. Proponents believe this move could drive Dogecoin adoption among US-based investors, increasing access to the meme coin.
Interestingly, the real-world applications of Dogecoin have picked up the pace, driving the meme coin's utility among investors. In Manhattan, New York, a high-end dental clinic added Dogecoin to its accepted payment methods.
Analysts have evaluated the Dogecoin price trend and predicted a rally to $0.25. Analysts have projected $0.31 as the profit target for Dogecoin and believe the meme coin could continue its uptrend in the current cycle.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.