Dogecoin (DOGE) has staged a comeback, surging by 13% to reach $0.73. This increase comes amid speculation that Twitter, now rebranded as X, is considering integrating DOGE for crypto payments.
Dogecoin (DOGE) is back in the bullish zone, having surged by double-digits to trade at $0.073 on Thursday. While the largest meme coin had remained relatively quiet, it began to pick up momentum as Bitcoin (BTC) surged to $35,000, leading to notable gains across the cryptocurrency market.
While meme coins like Pepe Coin, Floki Inu, Bonk, and Wall Street memes led the rally, with increases of 85%, 65%, 71%, and 26%, respectively over the week, Dogecoin and Shiba Inu were slow to join the bullish trend. They began making notable gains only in the middle of this week.
Dogecoin Price Gains Momentum, Aims for $0.1
Dogecoin’s price is leading the way in the cryptocurrency market recovery, having risen by 13% on Thursday according to data from CoinGecko. The downtrend appeared to have ended when Dogecoin found support at $0.058. However, it struggled to break out above a descending trendline that had been in place for several months.
Bulls faced resistance at the 200-day Exponential Moving Average (EMA) until a final push during Asian business hours on Thursday.
Dogecoin price prediction chart | Tradingview
Dogecoin’s Bullish Momentum Supported by MACD
The Moving Average Convergence Divergence (MACD) indicator suggests that Dogecoin’s upward trend is likely to continue. Traders who haven’t entered long positions on DOGE may want to consider doing so as long as the MACD remains above the neutral 0.00 level.
Breaking above a long-standing descending trendline typically signals a bullish trend. Additionally, there is a growing possibility of a golden cross pattern forming, where the 21-day EMA (red) crosses above the 100-day EMA (blue).
However, traders should remain cautious and consider taking profits, especially when the Relative Strength Index (RSI) on the four-hour chart is holding at 80, indicating overbought conditions. In such cases, any signs of the RSI pulling back below 70 should serve as a signal for traders to close their positions while remaining open to buying future dips.
Dogecoin price prediction four-hour chart | Tradingview
Long-Term Dogecoin Investors Hope for Twitter Integration
Long-term Dogecoin investors may want to maintain their positions, particularly in anticipation of Twitter (now X) potentially integrating DOGE for crypto payments.
Elon Musk, the CEO of Tesla and the owner of X, has shown a strong interest in Dogecoin, leading to speculations that the platform, in its pursuit of becoming an “Everything App,” may incorporate Dogecoin. Such an integration could potentially boost demand for the meme coin and lead to a significant price rally.
Important: 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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