Category: Twitter

Dogecoin enthusiasts are buzzing with anticipation following recent developments at X, the platform previously known as Twitter. As part of its ambitious expansion to enhance its “Everything app”, X is introducing a range of payment integrations, and with Elon Musk at the helm, many speculate that Dogecoin could be among the supported cryptocurrencies.

Linda Yaccarino, X’s CEO, today unveiled a video outlining the app’s prospective features. From sharing information and participating in community discussions to making calls and tuning into community chats, the updated app promises to be a comprehensive platform.

Particularly striking is the video’s revelation that X aims to evolve into a payments app, revealing features that allow users to promptly make online purchases, remit money, and harness income from ad revenues when participating in Elon Musk’s creator community.

This step is significant, solidifying rumors and speculations that had been swirling in recent months regarding X’s ambitions in the payments domain. Elon Musk, having taken the reins of Twitter last year and rebranding it to X, is known for his holistic vision of creating an all-in-one app experience.

Given his vocal support for cryptocurrencies, especially Dogecoin, there’s been rampant speculation about the potential introduction of DOGE payments on X. Notably, there’s not (even a small) hint about the integration of DOGE or crypto in general in the video released today.

a hint of what’s to come. who’s in? https://t.co/TYEevYJlfL pic.twitter.com/G0DTLeHQic

— Linda Yaccarino (@lindayaX) September 20, 2023

Cause Of Concern For Dogecoin Investors?

Nevertheless, the DOGE community remains hopeful. Dogecoin’s price trajectory witnessed a sharp surge last year when news of Musk’s acquisition of Twitter began circulating. Although the coin has seen a downtrend since, it remains firmly within the top ten cryptocurrency assets by market capitalization.

While Musk has not recently made overt Dogecoin-related posts, such as sharing a DOGE meme or donning a DOGE shirt like in the past, he continues to be deeply engaged with its community. Evidence lies in his interactions on X, where he frequently communicates with notable Dogecoin figures, such as DogeDesigner (@cb_doge).

A look at his X feed and communications reveals that Dogecoin community member DogeDesigner is one of his favorite accounts to interact with. In the last 24 hours alone, Musk has written 11 replies to tweets from DogeDesigner. Musk is also in regular communication with Dogecoin creator Billy Markus. So there are good reasons to argue that Musk’s fondness for Dogecoin has not diminished.

In a noteworthy development, three weeks ago, X procured money or currency transmitter licenses in seven US states, including Maryland, New Hampshire, and Rhode Island and has thus laid the groundwork for today’s revelation. Interestingly, while the Rhode Island license does encompass crypto payments, it also covers more general payment providers like PayPal and Venmo.

Since June, X has secured similar licenses from other states, including Arizona, Maryland, Georgia, Michigan, Missouri, and New Hampshire. These licenses, though broad in scope, are important building blocks for Musk’s ambitions to potentially venture X into a worldwide payment processor.

DOGE Price

At press time, DOGE was trading at $0.0627. Thus, the Dogecoin price is trading almost exactly at the same level as a month ago. On the higher time frames (1-day chart), DOGE shows a clear downtrend (black line) that needs to be broken in order to unleash a new upward momentum.

The price trajectory of Dogecoin has been significantly influenced by Elon Musk’s tweets about the meme coin in recent weeks and months. Notably, Dogecoin ascended past the $0.1589 mark in November 2022, following Musk’s acquisition of Twitter. Since then, however, DOGE has been on a pronounced downtrend.

The anticipation of Musk introducing Dogecoin as a payment method on Twitter remains palpable within the DOGE community. However, outside this sentiment is not shared, underscored by the stark decline in DOGE trading volume, suggesting a diminished presence of speculators and traders.

If Musk does integrate DOGE on Twitter, the price reaction is likely to be swift. But what is a good entry price?

Monthly Chart DOGE/USD

While many older altcoins are plumbing new lows, Dogecoin exhibits a more resilient sideways accumulation pattern on its monthly chart. This chart reveals that the $0.0480 mark is pivotal for Dogecoin. Should DOGE maintain its stance above this price, it could present a viable opportunity for long-term spot investors.

This price level is especially interesting as it coincides with the 100-week EMA at $0.04886. However, it’s imperative to acknowledge the inherent unpredictability associated with Dogecoin’s long-term trajectory, given its meme coin status.

Weekly Chart Dogecoin

The 1-month chart delineates a clear downtrend. DOGE could fall towards the lower trendline at $0.0480 before another run towards the upper trendline at $0.075. Remarkably, the 30-month low of June 2022 is also located near the trend channel low at $0.0488.

If DOGE bounces up from here, the price would have to face the 61.8% Fibonacci retracement at $0.0909. A retest of the breakout from the downtrend could occur here. If the bulls succeed, the 50% Fibonacci retracement level at $0.1093 and the 38.2% Fibonacci retracement at $0.1169 could come into focus. The final target is the November 2022 high at $0.1589 where huge selling pressure is to be expected. At current price, DOGE would need to gain over 150% to reach this level.

Daily Chart DOGE/USD

The 1-day chart underscores the persistent downtrend Dogecoin has been grappling with since December of the preceding year. This downtrend, demarcated by a descending trend channel, remains unbroken. Late in July, DOGE recoiled from the upper boundary of this channel, only to descend once more.

Alarmingly, pivotal support levels, inclusive of the 200-day EMA, have been compromised, hinting at a potential bearish trajectory. Current chart configurations suggest that DOGE might revisit its annual nadir at $0.05593 shortly. In a more bearish projection, a decline to the lower confines of the descending channel, oscillating between $0.05 and $0.048, is plausible.

Conversely, if DOGE steers clear of registering a new annual low, especially if the broader market sentiment experiences an upswing (perhaps due to the approval of a Bitcoin Spot ETF), the entry point for prospective investors might materialize sooner. For a substantial price resurgence, it’s imperative for DOGE to rebound from this potential new low with a robust buying volume, indicating renewed interest and liquidity for the meme coin.

The upcoming biography of Elon Musk, set to be published on September 12, is shedding light on some previously unknown facets of the billionaire’s involvement in the crypto and especially Dogecoin world. According to a report by the Wall Street Journal, the biography discloses that Musk has been discreetly funding the development of Dogecoin.

The tech entrepreneur Musk has been “quietly funding” the development of Dogecoin, the biography unveils, further emphasizing the significant influence Musk has had on the meme coin’s popularity. This revelation comes amidst previous suspicions that Musk’s comments on Dogecoin have been instrumental in swaying its market dynamics.

Earlier this year, a class-action lawsuit accused him of insider trading and artificially inflating the cryptocurrency’s price. Musk, however, defended his stance, asserting that his tweets in support of Dogecoin were not illegal.

The biography, penned by Walter Isaacson, also highlights Musk’s consideration of launching a blockchain-based social media platform with integrated payments. The idea came from his brother Kimbal, who suggested starting a completely new social media platform based on blockchain.

Musk humorously contemplated using Dogecoin as the platform’s payment system. Remarkably, Musk recently clarified that X, the rebranded version of Twitter which he acquired for $44 billion, would “never” introduce its own token.

Interestingly, the biography also delves into a failed investment attempt by Sam Bankman-Fried (SBF), the former CEO of the insolvent crypto exchange FTX. SBF had reportedly proposed a $5 billion investment to aid Musk’s acquisition of Twitter. However, following the collapse of FTX, Musk clarified that neither he nor Twitter had ever accepted investments from SBF or FTX.

Dogecoin Price Is Unimpressed

Despite the intriguing revelations from Musk’s biography, Dogecoin’s price trajectory seems to remain unaffected. Currently trading at $0.0633, DOGE’s price movement on the 4-hour chart appears to be in a tight range, oscillating between the 23.6% ($0.0626) and 38.2% Fibonacci retracement levels ($0.0667), displaying a sideways trend in the lower time frame (LTF).

However, a look at the higher time frame (HTF), the 1-day chart, paints a different picture. Dogecoin’s price has been ensnared in a persistent downtrend since December of the previous year. This downtrend, characterized by a descending trend channel, has remained intact. In late July, DOGE experienced a bounce off the upper trendline of this channel, only to resume its steady decline.

Concerningly, pivotal support levels, including the 200-day EMA, have been breached, signaling potential bearish momentum. Based on the current chart patterns, there’s a looming possibility that DOGE might retest its annual low at $0.05593. In a more pessimistic scenario, a descent to the lower boundary of the descending channel, pegged roughly at $0.05, seems possible.

Nevertheless, if DOGE manages to staunchly defend its current price level, it might present a lucrative entry point for prospective investors. For a significant price rally to materialize, it’s crucial for DOGE to rebound from this (new potential) low with substantial buying volume, setting its sights on a price target above $0.058.

Once again, the crypto world is abuzz today with another unexpected movement in Dogecoin’s (DOGE) price, thanks to a tweet from the iconic Tesla CEO, Elon Musk. This has become a consistent phenomenon, where virtually every Elon Musk tweet hinting at or referencing Dogecoin prompts a flurry of activity from DOGE enthusiasts, regardless of the subtlety or directness of the tweet’s content.

This morning, the catalyst for the sudden upswing in DOGE’s value was a simple tweet from Musk. He shared a logo animation of the “X” logo, created by one of Twitter’s most renowned DOGE influencers, @DogeDesigner. Interestingly, Musk shared the video without comment, only tagging DogeDesigner as the creator of the video. Nonetheless, this nod was enough to stimulate DOGE bulls into driving up the cryptocurrency’s price by an impressive 4%.

Another Elon Musk $DOGE pump!

#Dogecoin is up 4% because of this tweet from Musk.

* From: DogeDesigner @cb_doge https://t.co/IN4dk8q3jN

— Jake Simmons (@realJakeSimmons) August 23, 2023

Dogecoin Price Analysis

Yet, it’s critical to delve deeper into the charts for a more holistic view. Before Musk’s tweet, DOGE faced resistance just shy of the 50 EMA on the 4-hour chart. As we’ve seen in the past, such sudden pumps can be ephemeral. At press time, Dogecoin was already giving back some of its gains, standing at a mere 2% increase from the pre-tweet levels.

Nevertheless, the effects of the tweet on the DOGE chart cannot be overlooked. The 4-hour chart reveals that Dogecoin surpassed the 23.6% Fibonacci retracement level due to Musk’s stimulus. The onus is now on DOGE enthusiasts to maintain the momentum and hold above the $0.0626 price point. If achieved, there’s potential for DOGE to rally towards the 38.2% Fibonacci retracement mark at $0.666. That said, investors should brace for considerable selling pressure, especially at the 78.6% Fibonacci retracement level, which stands at $0.0732.

Looking at the higher timeframe, the 1-day chart paints a more somber picture for DOGE. Despite Musk’s latest tweet, Dogecoin remains ensnared in a persistent downtrend. This downtrend, defined by a descending trend channel, has been unwavering since December of the previous year.

Recalling recent events, DOGE faced a rejection at this channel’s upper trendline in late July and has been on a steady southward trajectory ever since. Alarmingly, key support levels provided by the 200-day EMA and other significant moving averages have been breached.

Given the present chart patterns, there’s a looming possibility of DOGE revisiting its yearly low at $0.05593. In a worst-case scenario, a slide to the descending channel’s lower boundary at $0.053 might be on the cards.

However, should DOGE staunchly defend this key price level, it could signal an enticing entry point for prospective investors. For any meaningful recovery, it will be imperative for DOGE to swiftly rebound from this low, ideally targeting levels above $0.058.