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DOGE Leaps 22% on Elon Musk’s Twitter 2.0 Plans

11/28/2022
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Dogecoin price has displayed a notable move this past weekend, continuing its thanksgiving gains and rising 22% on Sunday to reach $0.108. In the most part, the uptick is attributed to speculations of Elon Musk’s collaboration with Ethereum co-founder Vitalik Buterin about improving DOGE.

The announcement of expected collaboration fueled a short-lived 19.4% price surge for Dogecoin (DOGE), according to data from  CoinGecko.

Recently, Musk also disclosed slides from “Twitter Company Talk”, which  according to the post, laid out the milestones achieved since he took over. 

Although Musk never mentioned DOGE in the tweet or in the attached slides, Dogecoin investors remain hopeful that Musk’s vision for Twitter 2.0 will include some form of DOGE integration. The speculation comes as the billionaire entrepreneur confirmed intentions to integrate payments into what he describes as Twitter 2.0, ‘The Everything App’.

Additional plans revealed in light of Musk’s vision for Twitter 2.0 include “Advertising as Entertainment,” “Video,” “Encrypted DMs,” “Longform Tweets” and “Relaunch Blue Verified.” From the slides, Musk’s takeover of the company has already been impactful, with Twitter reaching an all-time high (ATH) in “new user signups” and “user active minutes,” up by 86% and 30% respectively over the past week, compared to a similar seven-day period in 2021.

Possible Musk-Buterin Collaboration

Dogecoin has climbed by almost 50% since Monday last week with much of these gains occurring during the U.S. Thanksgiving celebrations holiday between Thursday and the weekend. The Dogecoin price also reacted to the broader market developments, including Chinese lockdown in the wake of growing Covid-19 cases that have seen the country go into lockdown. This, among other macroeconomic factors, has seen the DOGE price fall by 4% in the past 24 hours.

However, DOGE price remains up by 23% in the past week and by 14% in the last 30 days, as Trump’s return to Twitter fuels expectations of Elon Musk realizing other promises he has made for the social network, including the integration of Dogecoin payments.

Despite the ongoing market downtrend, the price pump has scaled the popular meme coin to the eighth position on CoinMarketCap ranking with a $12.02 billion market capitalization. However, its daily trading volume has dropped 48% in the past 24, signaling fatigue amongst buyers. The DOGE’s volume-to-market cap ratio hints towards a consolidation near the current level. Unlike DOGE, Bitcoin and Ethereum have not shown much momentum.

Dogecoin price is up over the medium-term following Musk’s $44 billion acquisition of Twitter in late October. Combined with previous indications that he may integrate the altcoin (DOGE) somehow, the Twitter takeover fuels a market-beating rally for Musk-inspired tokens.

Dogecoin Price Bulls Eye A Return To $0.1075

After bouncing off a launching pad provided by the $0.074 support line on November 22, DOGE price ascended 47% to reach a high of $0.108 on Sunday. This price action has led to the formation of an ascending parallel channel on the eight-hour chart as shown below. 

An ascending parallel channel is a significantly bullish chart pattern that is created when an asset records a series of higher highs and higher lows, suggesting the continuation of an uptrend. In the case of DOGE, the price is trading within an ascending parallel channel with a bullish target of $0.1075, representing a13.29% move on the upside, from the current price. 

DOGE/USD 8-Hour Chart

Dogecoin price Daily Chart

The immediate resistance for the DOGE/USD pair is visible at the $0.0969 level, embraced by the 100-day simple moving average (SMA) level, and a breakout above this level could see DOGE aim for the next resistance level at the $0.10 psychological level. 

Beyond that, the Elon Musk-backed coin may rise to tag the intermediary resistance around the $0.1011 level and then the $0.1050 level, before rising to tag the bullish target of the prevailing chart pattern at $0.1075, embraced by the upper boundary of the rising channel.

The asset price is sitting on relatively strong support provided by the 50-eight-hour simple moving average (SMA) is sitting at $0.0938 and the 200 SMA at $0.0788, adding credence to Dogecoin’s bullish outlook.

Also supporting the positive trajectory for DOGE price is the position of the Moving Average Convergence Divergence (MACD) indicator above the zero line in the positive region. This is an indication that Dogecoin’s market sentiment is still positive. Note that DOGE’s upward movement will gain more traction once the MACD moves further away from the neutral line into the positive region. 

Moreover, the Parabolic SAR is still trailing the price after it reversed from negative to positive and flipped below the price on November 23 adding credence to the bullish technical picture in the near future. Some of the cues for a continued uptrend would be the expansion of the gap space between the dots (parabolas) as well as maintaining its position below the DOGE price.

Although the market cap for the popular meme coin price is currently at $13.70 billion, its trading volume has decreased over the last 24 hours, retracing to $1.20 billion.

On the downside, failing to turn up from the current level could see the price pull back to retest the support at the $0.09 psychological level. A move lower could see the altcoin drop to tag the 50 SMA and the 200 SMA at $0.0938 and $0.0788 respectively. 

In highly bearish cases, increased headwinds may pull the price to tag the lower boundary of the rising channel around the $0.062 zone. Market participants could expect Dogecoin price bulls to take a breather here before kick-starting a comeback.

Promising Projects to Grow your Portfolio

Amid investor fears about another post-FTX-related price plunge and its potential to hit the crypto market, some look to bitcoin’s resilience for comfort. However, while the largest cryptocurrency has maintained its perch above $16,000 for a few days, it barely hints at the likelihood of a more permanent upturn soon. Bitcoin (BTC) was recently trading at around $16,500, roughly flat for the past 24 hours and almost the same position as it was on Wednesday when the U.S. Thanksgiving holiday celebrations began.

Portfolio diversification is one of the ways investors protect themselves from market uncertainties, and thankfully, several projects are now up with strong fundamentals and potential for growth. By investing in either one of them, or both, you stand a chance to make profit when the projects finally boom.

Calvaria

Now in its final stage of the pre-sale (stage 5), Calvaria Duels of Eternity is a project designed to expedite the mass adoption of crypto through play-to-earn (P2E) games.

The project is collaborating with some of the most renowned and biggest names in the industry based on a shared vision. Calvaria distinguishes itself from other games in the market today as it offers a variety of game modes that players can choose from. A player may opt for the single-player mode where they can dig into the intricacies of Calvaria’s universe. Alternatively, one may go for the main PvP mode where you have the chance to test your own skills and win eRIA – Calvaria’s in-game rewards currency.

Calvaria has already raised $2.1 million with only 30% left. The P2E battle card game is set beyond the veil of death with duel, earn and upgrade your cards functionalities so you can become the ultimate force on the battlefield.

You can Buy $RIA with Ether (ETH) or stablecoins before the price increases. The tokens will be available for claim at launch. At the moment, 1 USDT gets you up to 33.33 $RIA. Project Calvaria is already being advertised as one of the next crypto bull run coins in the market today, which means now is the right time to jump in as the compelling gameplay mechanics and innovative NFT integration behind it are solid.

Dash 2 Trade

Dash 2 Trade (D2T) is an ERC-20 token with a total supply of 1 billion D2T. From this, 700 million has been allocated to the presale with a hard cap of $40,012,000.

The token is slated for trade on its first exchange by Q1 of 2023 once the presale concludes. The pre-sale started on October 19 2022 with a stage one round reserved for members of the Learn 2 Trade community and followers of its affiliated crypto news media sites like InsideBitcoins. In the private sale, the D2T token price was 0.0476 USDT against a set target of $1,666,000. Notably, each of the D2T presale stages has an increasing token price and target amount to be raised.

So far, up to $7.3m has been raised, with 83% of stage 3 sold before final stage 4 where the price will rise to $0.0533. This means now is the opportune time to join the Dash 2 Trade community and be part of a group of investors that will be reaping returns once the project officially starts.  

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Source: https://insidebitcoins.com/news/dogecoin-price-prediction-doge-leaps-22-on-elon-musks-twitter-2-0-plans