Subtle Change in Elon Musk’s Twitter Bio Propels DOGE Price 10% Higher

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Billionaire entrepreneur Elon Musk has rebranded Twitter to ‘X,’ causing a significant DOGE price rally.

DOGE, a popular meme coin supported by Musk, saw a surge in value following the social media platform’s identity change.

The homepage’s iconic blue bird logo has been replaced with a new X logo.

Elon Musk announced Twitter’s updated identity on the platform, revealing the website’s new URL, X.com, now directed users to Twitter.com.

The ‘DOGE Army’ sees this as a sign of Elon Musk’s progress with his vision for Twitter, fueling speculation that he might integrate cryptocurrencies like Dogecoin as payment options on the platform.

Elon Musk updated his Twitter/X profile location to “𝕏Ð,” possibly referencing Twitter’s rebranding with the “X” and hinting at Dogecoin with the “Ð,” a meme coin he has previously supported.

Despite Musk expressing interest in buying Dogecoin in 2022 and entertaining the idea of Dogecoin payments, there are no explicit plans for implementing such payments since he became the owner.

The billionaire’s continuous hints have sparked skepticism, with some speculating that these cues could be intentional efforts to boost the value of a cryptocurrency he openly admits to owning.

Despite uncertainties, Twitter/X reportedly plans to introduce payment Features on its platform, potentially beginning with fiat-based transfers.

With this information, the possibility of DOGE being listed on Twitter/X cannot be ignored, potentially leading to a substantial rally upon its inclusion.

DOGE saw an impressive 10% surge in just a few hours, despite no official announcement being made.

DOGE price surged from $0.070 to $0.0784, reaching a 10-week high and raising its market capitalization to $10.9 billion. The token’s daily trading volume also soared by 437%, as per CoinMarketCap data.

After experiencing volatility, the price of DOGE has stabilized, trading at $0.0776 currently. Additionally, DOGE perpetual futures’ open interest saw a significant increase of 27.9% within the last 24 hours, as per Coinglass data.

DOGE Price Surges To Hit Two-Month Highs

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.

This led to a 12% surge, pushing DOGE’s price to $0.0784, a level not seen since May, indicating a remarkable resurgence in the meme token’s value.

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 price Chart
TradingView Chart: DOGE/USD

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.

Related news

  • Elon Musk Rebranding Twitter to X May Open Door for Crypto Payments. Time to Buy XRP, XLM, DOGE, Bitcoin, BTC20, ETH?
  • Elon Musk Rebrand of Twitter as X Sparks Wave of Scam Coins Using Same Name. What to Avoid, And What to Trust
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