In the last 24 hours, DOGE, the native coin of the Dogecoin ecosystem, has displayed an impressive performance, outshining other top 10 cryptocurrencies by market cap, including Bitcoin. The coin’s value has surged by almost 5%, reaching a current price of $0.07717.
This notable growth coincides with renewed speculation that DOGE might find utility as a payment option on Twitter, which has recently been rebranded to ‘X’ by Elon Musk. Such speculations have ignited optimism among investors, leading to the recent upswing in Dogecoin’s price.
Elon Musk’s Move Sparks Speculation of DOGE Acceptance
Following Twitter’s recent rebranding to the enigmatic ‘X’ app, analysts are buzzing with speculation about the potential integration of DOGE tokens on the platform. The driving force behind these rumors is Elon Musk’s well-known fondness for the meme-inspired cryptocurrency. Industry experts suggest that advertisers might soon have the option to pay for ads and other services using DOGE on Twitter.
Musk’s affinity for DOGE has already been evident, as seen when Tesla embraced DOGE for purchasing their official merchandise and goods. This has fueled further speculation about the possibility of Musk’s other businesses and ventures following suit and adopting cryptocurrencies like DOGE for transactions.
Last April, Musk teased the idea of DOGE payments on Twitter, proposing it as a potential payment option for Twitter Blue, the platform’s subscription service offering premium features. Given Tesla’s successful acceptance of DOGE payments on the Tesla Store, the prospect of a similar adoption on Twitter seems increasingly plausible.
In a report published in January, it was revealed that Twitter is actively developing a payment system to facilitate transactions on its social media platform. While billionaire owner Elon Musk prioritizes fiat currencies for this system initially, he also envisions the potential to incorporate cryptocurrencies at a later stage. As the crypto world eagerly anticipates Musk’s next move, the possibility of DOGE’s wider acceptance in mainstream platforms remains an exciting prospect.
Key Levels to Watch for Dogecoin’s Price
DOGE’s impressive performance continues as it trades comfortably above the $0.0725 zone and the 100 simple moving average in the DOGE/USD pair. A significant bullish trend line is also taking shape, offering support around the $0.0725 mark. Dogecoin’s price has successfully surpassed the 23.6% Fibonacci retracement level of the recent rally, stretching from the $0.0695 swing low to the $0.0780 high, signifying bullish momentum.
However, the price encounters resistance near the $0.0780 level, with a more substantial hurdle anticipated at $0.080. If Dogecoin manages to break above this resistance, it may pave the way for further gains toward $0.0820 and $0.0832. An extended rally could potentially target the $0.085 level.
On the flip side, a failure to surpass the $0.0780 level could trigger a downside correction. The initial support lies at around $0.0760, followed by the critical $0.0725 level, aligned with the previously mentioned trend line. A decisive break below $0.0725 could lead to further declines, with the $0.070 level being the next target in that scenario.
