Dogecoin Flies Off X Speculations: What's Next?

Dogecoin (DOGE) has surprisingly experienced a notable increase of 7.36% over the past 24 hours, marking a significant milestone with its first Moving Average Convergence Divergence (MACD) golden cross on Jan. 20. Reviewing its DOGE-week chart, Trader Tardigrade explained this exciting development and suggested that the cryptocurrency could be poised for a long upward trajectory. Here are the details...

Critical signs for Dogecoin

The MACD "golden cross", which indicates a bullish trend, occurred when a short-term Moving Average crossed over a large-term long-term Moving Average. Amid this volatility, speculation is emerging regarding the possible addition of DOGE to the X Payments platform. This speculation has been fueled by the recent launch of X Payments, the financial arm of the Elon Musk-led X (formerly Twitter) platform.

$DOGE is having the first ever MACD Golden Cross.🚀 @XPayments @dogecoin pic.twitter.com/biONGtgBMy

— Trader Tardigrade (@TATrader_Alan) January 21, 2024

Elon Musk, the entrepreneur who bought Twitter and rebranded it as X, has been a vocal supporter of Dogecoin. Musk's previous tips on integrating DOGE as a payment option for his "Everything app" have now gained momentum with the launch of X Payments. Fortune reported in January 2023 that the company was considering incorporating cryptocurrency payments, further boosting expectations within the Dogecoin community. While Musk has not officially confirmed the plans, the community remains optimistic, citing Tesla's acceptance of DOGE as payment and public statements expressing Musk's continued interest in the memecoin.

Another run in DOGE

Dogecoin's price surge was catalyzed by the X Payments announcement, pushing the DOGE/USD pair to $0.090. However, resistance at this level has led to a pullback to $0.085 at the time of writing. The Relative Strength Index (RSI) peaked at 76.72, indicating overbought conditions, which may have triggered subsequent sell-offs. On the DOGE/USD 4-hour chart, the Fibonacci retracement shows that $0.082 is potential support at the 0.618 Fib level. Despite the pullback, the MACD gold cross and increased buying pressure indicate the possibility of DOGE reaching $0.11 in the short to medium term.

The $0.11 price aligns with the 3,618 Fibonacci level, indicating a potential bullish trajectory. The most important factor influencing Dogecoin's future trajectory lies in updates from X Payments and Elon Musk. If X Payments integrates DOGE as a payment option, it could push the cryptocurrency towards the hard-to-reach $1 price prediction. On the contrary, if Musk decides not to add DOGE to the platform, the path to $1 may face increasing difficulties. While the Dogecoin community anticipates further developments, the market remains dynamic, responding to both technical indicators and external influences. Currently, Dogecoin is experiencing an 8 percent rise.

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FreePeoplevip
· 2024-01-21 23:11
New Year, New Earnings! 🤑
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ZhangCaishen88vip
· 2024-01-21 16:01
把握趋势,狂赚2024 ✌️
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