Dogecoin, like its peers in the market, has made a brief recovery following the sell-off in August. Up 1.5% on Thursday to $0.0663 with $312 million in trading volume coming in and $9.3 billion in market capitalization.
Although in the green, DOGE price needs to tap fresh liquidity to take on resistance levels at $0.075, $0.085, and $0.1.
Elon Musk’s X Plans Payments In The US, Possibly Crypto
Elon Musk’s microblogging company X, formerly Twitter, has according to reports, been granted the greenlight to support money or currency transmission in seven states in the US like Maryland, Michigan, Georgia, Arizona, Missouri, and Rhode.
The licenses although not specific to crypto, will allow the company and the firm to offer broader payments, thus expanding X from being solely a social media platform to an “everything app.”
According to CoinDesk, “Rhode Island license, while essential for permitting payments, is also a requirement for offering crypto services.”
Speculation has continued to grow in the crypto space that Dogecoin could be among the cryptos to power payments on X. Musk said in 2022 that “a new media company is needed that is based on a blockchain and includes payments.”
The billionaire’s love for Dogecoin has lasted many years and continued even after he acquired X, then Twitter. Musk briefly changed the bird logo to Dogecoin’s dog logo affirming his stance on the meme coin.
Dogecoin enthusiasts and investors in the crypto market have grown accustomed to Elon Musk pumping DOGE price. Therefore, it is not just a coincidence that many believe X might adopt DOGE for its crypto payments in addition to leading coins like Bitcoin (BTC).
Dogecoin’s integration on X could be a game changer for the meme coin that has retraced 90.9% from its all-time high of $0.7315. Exposure to such a massive audience will likely increase demand for the token, thus creating a suitable environment for a rally.
Can DOGE Price Rally To $0.1?
DOGE price plunged back to the drawing board in the August sell-off, testing support at $0.06. This followed a rejection from highs around $0.82 and the descending trendline. The failure to hold the price above the 200-day Exponential Moving Average (EMA) left Dogecoin live price vulnerable to declines.
Now that the Moving Average Convergence Divergence (MACD) indicator has flipped in favor of the bulls, DOGE price is poised to climb toward $0.1. Traders can keep their buy positions intact as long as the MACD line in blue holds above the signal line in red and upholds the uptrend.
Looking out for a breakout above the upper descending trendline would mean that buyers have the upper hand and would be accompanied by a spike in volume, serving as confirmation for a substantial climb to $0.085 and $0.1, respectively.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
