DOGE, the largest cryptocurrency by market cap, has recently adopted a sideways trend above $0.091 support. The consolidation is gaining speculation of Dogecoin price bottoming as the broader market rebounds amid the 0.5% rate cut by U.S. Federal Reversal.
Another reason fueling hope for a Dogecoin price reversal is the active support and endorsement from Tesla CEO Elon Musk for this cryptocurrency. Market participants are now speculating just how high this dog-themed meme could soar if Musk’s social media platform, X (formerly known as Twitter), officially adopts DOGE as a payment method.
How Far Could Dogecoin Price Rally If Elon Musk’s X Integrates DOGE Payments?
The influence of Elon Musk’s activity on Dogecoin is undeniable. Since he acquired Twitter (now rebranded to X), market speculation rumors have circulated about his plans to integrate cryptocurrency payments, with Dogecoin being the frontrunner.
If X were to implement DOGE payments, the demand for the token would likely skyrocket, as it could be used for tipping, subscriptions, advertising, and even goods or services within the ecosystem.
Around 48 hours after the announcement, the Dogecoin price could surge 20-30%, similar to the spike observed in early May 2024 when Musk added DOGE payment for some Telsa products and merchandise.
Furthermore, the increased utility will boost DOGE transactions and overall network activity, leading to more liquidity and potentially driving natural demand for this cryptocurrency.
Therefore, If X adopts Dogecoin as a native payment option, the coin price could witness an accelerated recovery to a $0.73 All-time-high or even attempt for the $1 breakout.
Check out the article on top meme coins to buy for a detailed analysis.
DOGE Price Escapes 5-Month Downtrend
In the last three weeks, the Dogecoin price prediction showcased a V-shaped reversal from $0.0889 to $0.107— a 20% increase. Amid this upswing, the buyers managed to reclaim 20-and-500-day EMA and gave a decisive breakout from the falling wedge pattern on September 13th.
This breakout signals the DOGE price escape from a 5-month correction trend. With sustained buying, the buyers could challenge the overhead resistances of $0.115, followed by the $0.144 barrier.
On the other hand, if the Dogecoin price fails to sustain above the 20-day EMA slope, the sellers may push the asset within the wedge pattern and retest the $0.91 bottom support.
Frequently Asked Questions (FAQs)
If Elon Musk’s X integrates Dogecoin payments, the price could potentially surge to $0.73 all-time high or even a breakout to $1.
The breakout from a 5-month-long wedge pattern on September 13th signaled an end to the correction trend, setting up DOGE to challenge resistance levels at $0.115 and $0.144.
The 20-and-500-day EMAs are acting as key support levels, providing pullback opportunities for dip buyers and aiding Dogecoin’s price stability during its current uptrend.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: 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.
Source: https://coingape.com/markets/how-high-dogecoin-price-elon-musks-x-doge-payments/
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