DOGE experienced a notable event as it formed a MACD golden cross, coinciding with a brief price peak at $0.090. This positive indicator sparked speculation about a potential DOGE payment integration on X, contributing to the surge in price.
The speculation surrounding a DOGE payment feature on X played a key role in the recent price increase. If buying pressure continues to grow, there’s a possibility that DOGE may reach $0.11 in the short to mid term. Keep an eye on further developments in the coming days.
Dogecoin Surge: MACD Golden Cross and X Payments Launch
Dogecoin (DOGE) made headlines with a 7.36% surge in the last 24 hours, accompanied by its first Moving Average Convergence Divergence (MACD) golden cross on January 20. Trader Tardigrade shared this observation, indicating a potential signal for a sustained upward movement in DOGE’s price.
$DOGE is having the first ever MACD Golden Cross.đ@XPayments @dogecoin pic.twitter.com/biONGtgBMy
— Trader Tardigrade (@TATrader_Alan) January 21, 2024
The surge in Dogecoin’s price wasn’t arbitrary; it was driven by the launch of the X Payments handle, a financial segment of the X platform (formerly Twitter). Elon Musk, who acquired and rebranded Twitter to X, has long expressed his affinity for Dogecoin. Musk hinted at the possibility of DOGE becoming a payment option for the “Everything app” on the X platform.
While Musk hasn’t officially confirmed this move, speculation arises from Fortune’s report in January 2023, suggesting the platform’s consideration of adding crypto payments. Given Musk’s known interest in Dogecoin and Tesla’s acceptance of DOGE as payment, the Dogecoin community believes such an addition is highly plausible.
Furthermore, Musk’s recent disclosure with Coin Edition, affirming his continued ownership of the memecoin, adds weight to the anticipation of further Dogecoin integration within the X platform. The potential impact of Musk’s influence on Dogecoin’s future remains a focal point for both the cryptocurrency and X community.
DOGE/USD Chart Analysis: Resistance and Potential Upside
Examining the 4-hour chart for DOGE/USD, a notable development caused a surge in volume, propelling the price to reach $0.090. However, resistance at this level led to a retracement, settling at $0.085 at the time of writing.
The RSI played a role in the reversal, with the current reading at 64.11. Earlier, it tapped 76.72, indicating overbought conditions. A swift sell-off could explain the subsequent decrease. Despite this, Fibonacci retracement signals suggest potential upward movement in the short to mid-term.
DOGE/USD 4-Hour Chart (Source:Â TradingView)
Analysis of the Fibonacci retracement indicates a possible pullback to $0.082, marked by the 0.618 Fib level. However, considering the MACD golden cross and increased buying pressure, DOGE could target $0.11. This aligns with the 3.618 Fibonacci level.
The coin’s future trajectory could hinge on developments from X Payments and Elon Musk. If DOGE becomes a payment option, reaching the $1 price prediction might be feasible. Conversely, Musk’s decision not to add DOGE could pose challenges in achieving the $1 target. Monitoring updates in this context remains crucial for DOGE investors.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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