Daily News: Dogecoin Foundation Launches $DOGE Reserve, Nillion Alpha Announces Mainnet Now Live

By Vesalis P.

According to CoinDesk, the S&P 500 index broke above its 200-day moving average (200 DMA) on March 24, signaling a potential long-term bullish trend and providing a positive signal for Bitcoin (BTC).

The S&P 500 gained 1.7% on Monday, continuing last week’s rally and surpassing the key technical indicator of the average closing price over the past 200 trading days. Previously, the index had experienced a 10% correction over several months, and this breakout could mark the end of the stock market’s correction phase. The 200 DMA is often used as an important reference for assessing market trends and potential turning points.

Bitcoin has recently shown a correlated movement with the S&P 500. After breaking its 200-day moving average ($85,046) over the weekend, Bitcoin is now trading above $88,000. The next key resistance level is $93,245, corresponding to the on-chain average cost price for short-term holders.

Analyst: BTC Needs to Break $90,000 to End Consolidation Phase

According to Cointelegraph, crypto market analyst Daan Crypto Trades stated on social media platform X that Bitcoin needs to reclaim $90,000 to end its current consolidation phase.

The analyst noted that Bitcoin’s price has been volatile since March 11, failing to establish a consistent upward or downward trend on the daily chart.

Daan Crypto Trades emphasized that only when Bitcoin returns to the previous range above $90,000 will market sentiment and momentum favor the bulls, potentially leading to new highs. If Bitcoin fails to break this level, it may retest the $73,000 to $74,000 range for support.

Dogecoin Foundation’s New Business Unit Launches DOGE Reserve, Purchases 10 Million DOGE

According to The Block, the Dogecoin Foundation has established an “Official Dogecoin Reserve” through its newly formed business unit, purchasing an initial 10 million DOGE (approximately $1.8 million) at current market prices. DOGE prices rose 6% following the announcement.

This initiative is part of the foundation’s partnership with House of Doge, the entity that became its official commercialization partner after signing a five-year agreement in February this year. The DOGE Reserve aims to serve as a proof of concept to demonstrate Dogecoin’s feasibility in efficient, seamless transactions.

“The launch of the Dogecoin Reserve is a key step in House of Doge’s vision to make Dogecoin a fast and reliable payment option for businesses and consumers,” the announcement stated. “Through innovative technology, merchants can instantly accept Dogecoin payments at checkout, avoiding the usual blockchain transaction wait times while offering the same level of trust as traditional payment methods.”

The announcement also revealed that House of Doge will unveil its first strategic partners in the coming months to showcase real-world use cases for Dogecoin as a global payment solution. Additionally, the Dogecoin Foundation plans to collaborate with “major sporting events” to promote Dogecoin usage and focus on educating users on self-custody Dogecoin wallets.