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Elon Musk added a “Д to his Twitter profile after rebranding it X, triggering speculation that it referred to DOGE and sparking a rally in the coin amid speculation it may have a future payments role on the platform.
DOGE, a popular meme coin supported by Musk, rose 12% after Twitter’s rebranding and is up more than 4% in the past 24 hours amid hopes that prospects for DOGE will get a boost from the newly-branded social media platform.
Musk wants to transform X into an ”everything app” similar to China’s WeChat, providing users with services from banking to payments. Done right, Musk said yesterday that X may become half of the global financial system.
DOGE fans bought into the hype as the coin’s price reached a 10-week high, raising its market capitalization to almost $11 billion. Daily trading volume also soared 437%.
https://t.co/bOUOek5Cvy now points to https://t.co/AYBszklpkE.
Interim X logo goes live later today.
— Elon Musk (@elonmusk) July 23, 2023
Elon Musk Holds Dogecoin
Despite Musk expressing interest in buying Dogecoin in 2022 and entertaining the idea of Dogecoin payments, there are no explicit plans for implementing a payments role for DOGE on X. Critics say the platform has multiple hurdles to jump amid drags from a heavy debt burden and new competition from Meta’s Threads.
The billionaire’s continuous hints have sparked scepticism, too, with some speculating that these cues could be intentional efforts to boost the value of a cryptocurrency he openly admits to owning.
But Twitter/X does plans to introduce payment features on its platform, potentially beginning with fiat-based transfers.
BREAKING: Elon Musk changes his location to 𝕏Ð, which is the new logo for twitter + the #Dogecoin symbol!
Big $DOGE announcement + pump incoming or no? pic.twitter.com/HzcT1VthsH
— MASON VERSLUIS (@MasonVersluis) July 24, 2023
DOGE Price Surges To Two-Month High
Following Twitter’s rebranding to ‘X,’ Dogecoin price experienced a recovery and found support at the $0.70 psychological level on Monday.
This rebound propelled DOGE to surge by as much as 12%, reaching a price of $0.0784.
These levels were last observed in May, signifying a notable resurgence in the meme token’s value.
After Twitter’s rebranding to ‘X,’ Dogecoin witnessed a significant recovery, finding support at the $0.70 psychological level on Monday.
Dogecoin’s daily price action shows a robust, rounded bottom chart pattern, indicating a potential 29% increase from its current level.
The dog-themed altcoin is currently challenging the immediate resistance at $0.080, which forms the neckline of the chart pattern.
A successful breakthrough at this level would confirm a bullish breakout from the rounded bottom pattern, leading to the first challenge at the $0.085 supply congestion zone.
The DOGE Army faces resistance at $0.090 and the $0.0950 range high, with the ultimate technical target at $0.1.
Breaking these barriers could result in a 29% gain from the current price.
DOGE/USD Daily Chart
DOGE’s bullish momentum is evident through three consecutive bullish sessions on the daily chart, with the token trading above all major SMAs. The rising RSI at 67 further supports the bullish sentiment, and if it crosses the 70 line, entering the overbought territory, the uptrend is expected to gain even more momentum.
The MACD indicator shows upward movement in the positive region, reinforcing the previous buy call for Dogecoin issued on July 12 when the 12-day EMA crossed above the 26-day EMA, indicating a continued preference for the upside.
DOGE bulls face risks if the price drops below the $0.075 support level, leading to downward pressure and potential declines toward the 200-day SMA at $0.0766, followed by the 100-day and 50-day SMAs at $0.0713 and $0.0667, respectively, undoing the bullish trend.
Traders should be cautious about assuming that Twitter’s rebranding will lead to an immediate integration of DOGE payments.
Despite Elon Musk’s acquisition in October 2022, no official mention of such a possibility has been made by the company so far.
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