Dogecoin price has experienced a 10% surge within the last 24 hours, reaching $0.07553, following Twitter’s rebranding to ‘X’.
The ‘DOGE Army’ perceives this change as a potential indication that Elon Musk is moving forward with his vision for Twitter, leading some to believe that he may introduce cryptocurrency, including Dogecoin, as a payment option on the platform.
As a result of these expectations, DOGE has seen a rapid 10% increase in the 24 hours, along with an 11% rise over the week and a notable 16% jump over the last 30 days. The meme coin rose as much as 12% from Monday’s lows at $0.07 to set a swing high at $0.0784 during the early Asian hours on Tuesday.
However, it is essential to exercise caution in assuming that Twitter’s rebranding automatically translates to an imminent integration of DOGE payments. As of now, no one from the social media company has mentioned such a possibility since Elon Musk’s acquisition in October 2022.
Dogecoin Price Surges To Hit Two-Month Highs
After bouncing off the 50-four-hour Simple Moving Average (SMA) at $0.70 on Tuesday after Twitter’s rebrand to ‘X’, DOGE embarked on a recovery tha saw it rise as much as 12% to hit $0.0784, levels last seen in May.
Dogecoin was trading in a second straight bullish session on the four-hour chart, above all the major SMAs. These SMAs and the Relative Strength Index (RSI) were pointing upwards. The price strength at 64 reinforced the bulls grip on DOGE. Note that the meme token’s uptrend will gain more traction once the RSO crosses the 70 line into the overbought territory.
In addition, the Moving Average Convergence Divergence (MACD) indicator was moving upwards within the positive region. The call to buy Dogecoin which was sent on Monday when the 12-four-hour Exponential Moving Average (EMA) crossed above the 26 EMA was still in play, suggesting that the price still favored the upside.
DOGE/USD Daily Chart
Given these pointers from the technical indicators, Dogecoin could continue its rally, rising above the $0.0784 local high toward the $0.080 psychological level. Such a move would open the way for a rise to $0.085 over the next few four-hour sessions, representing a 10% climb from the current price.
Conversely, things could go awry for DOGE bulls if the price turns down from the current price to produce a four-hour candlestick close below the $0.075 support level. This would trigger massive sell orders that could pull the price of the Dog-themed token first toward the 50 SMA at £0.0715 and later to the 100 and 200 SMAs at $0.0695 and $0.0679 respectively. If this happens, it would completely invalidate the bullish thesis.
Elon Musk’s Twitter To ‘X’ Rebrands Could Scale DOGE Higher
Once again, the driving force behind the current surge in Dogecoin’s value is attributed to Elon Musk and Twitter. The social media giant, now rebranded as ‘X,’ made changes to its iconic bird logo, contributing to Dogecoin’s strength in the market.
— Elon Musk (@elonmusk) July 23, 2023
These recent developments have sparked speculation among the crypto community about the potential introduction of cryptocurrency and/or DOGE payments, leading some observers to notice that Elon Musk changed his location on his Twitter/X profile to “𝕏Ð,” the symbol of Dogecoin.
While Musk initially entertained the idea of Dogecoin payments on Twitter when he expressed interest in buying the platform in 2022, he has not explicitly outlined plans to implement such payments since becoming the owner.
Instead, he continues to drop hints, like the one mentioned earlier, which skeptics might argue are merely attempts to boost the value of a cryptocurrency he openly admits to owning.
Nevertheless, credible reports indicate that Twitter/X does have plans to incorporate some form of payments on its platform, potentially starting with fiat-based transfers.
Considering this, we cannot rule out the possibility that DOGE might one day find its way onto Twitter/X, and when that happens, it could trigger a substantial rally.
For now, there is a possibility that DOGE’s value could rise as high as $0.085 in the coming days, with potential to reach $0.1 in the subsequent weeks.
