Dogecoin continues a bearish downtrend even as FCF Pay integrates $DOGE as a payment method

Since the past year, the $DOGE price has been unable to break out of its consistent downturn but may try for another sweep at liquidity from support currently located at the $0.059 price level before making another attempt to rebound to higher levels. A quick glance at Dogecoin charts on shorter timescales suggests a lot of volatility for the popular meme coin but a long-term chart perspective reveals a bearish outlook that might persist for quite some time. 

Dogecoin 5-day price chart. Source: Trading View

However, in some positive news, In spite of sellers’ repeated efforts to undermine support at $0.60 price level, and complete a bearish fractal to $0.045, the Dogecoin price is still up 0.4% to $0.061 on Wednesday 27 September.

The first major resistance is currently located near the $0.0640 level, and there is a key rising channel forming with resistance near $0.0640 on the 4-hour chart of the DOGE/USD pair. However, the $DOGE is encountering resistance near the $0.0638 level, which is close to the 50% Fib retracement level of the downward move from the $0.0685 swing high to the $0.0591 low.

Dogecoin 5-day price chart technical indicator setup. Source: Trading View

Moving Average Convergence Divergence (MACD) indicator’s sideways perspective may disrupt the current pattern and allow a comeback from the immediate support level of $0.06. 

The ensuing breakout above the channel would need support from an ongoing rise. Keep in mind that higher trading activity is essential for such a trend reversal to happen. When the price of Dogecoin recovers the ground above the 50-week Exponential Moving Average (EMA) (red) at $0.08, however, short-term profit booking may begin at $0.07 and Dogecoin is likely to gradually enter a bull market.

FCF Pay enables Crypto Payments via $DOGE for HSBC customers

Customers of HSBC can now pay their mortgage bills and loans using a range of cryptocurrencies, including Bitcoin (BTC), Ripple (XRP), and a number of popular meme coins, This groundbreaking payment transfer mechanism has been enabled by FCF Pay, a blockchain-based payments processor. The company revealed the new announcement via a tweet yesterday. This move by FCF Pay is a big step towards the integration of cryptocurrencies into conventional financial services.

The procedure for sending cryptocurrency payments by FCF Pay is simple and requires just three simple steps: choosing the payee, entering the billing details, and sending the cryptocurrency payment via $DOGE. The payment processor also offers a quick turnaround, with payment execution and delivery finished in less than 48 hours. FCF Pay offers compatibility for all varieties of cryptocurrency wallets, including centralized exchanges, enabling accessibility for a broad user base.

Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

Leave a Reply