Dogecoin’s Recovery and Resistance Levels
Dogecoin has experienced a brief recovery after the sell-off in August. The price of DOGE increased by 1.5% on Thursday, reaching $0.0663. The trading volume reached $312 million, and its market capitalization is now at $9.3 billion. However, in order to continue its upward movement, DOGE needs to tap into fresh liquidity and overcome resistance levels at $0.075, $0.085, and $0.1.
Elon Musk’s X Granted Licenses for Payments
Elon Musk’s company X, formerly known as Twitter, has been granted licenses to support money or currency transmission in seven states in the US. These states include Maryland, Michigan, Georgia, Arizona, Missouri, and Rhode Island. Although the licenses are not specifically for cryptocurrency, they allow X to expand its services beyond social media and into payments. This has led to speculation that Dogecoin might be one of the cryptocurrencies to power payments on X.
Integration of Dogecoin on X Could Impact DOGE Price
Elon Musk’s fondness for Dogecoin and his intention to create a blockchain-based media company that includes payments have led many to believe that X might adopt DOGE for crypto payments. The integration of Dogecoin on X could be a game changer for the meme coin, as it would expose it to a massive audience and potentially increase demand. This could create a suitable environment for a rally in DOGE price.
Potential Rally Towards $0.1
After the August sell-off, DOGE price tested support at $0.06. However, the Moving Average Convergence Divergence (MACD) indicator has now flipped in favor of the bulls. This indicates that DOGE price is likely to climb towards $0.1. Traders should keep their buy positions intact as long as the MACD line remains above the signal line and upholds the uptrend. A breakout above the upper descending trendline would confirm a substantial climb towards $0.085 and $0.1.
Hot Take
The potential integration of Dogecoin on Elon Musk’s X platform could have a significant impact on DOGE price. The exposure to a larger audience and the increased demand for the token could lead to a rally. However, it remains to be seen how this integration will play out and whether DOGE will reach its resistance levels at $0.075, $0.085, and $0.1.
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