Dogecoin Price Prediction as DOGE Shoots Up After Elon Changes Twitter Name to X – Will DOGE Become Official Payment Option?
The Dogecoin price has risen by 5% in the past 24 hours, rallying to $0.075537 after Twitter rebranded itself to 'X'.
DOGE holders have interpreted the change as a sign that Elon Musk wants to push ahead with his vision for Twitter, which for some means that he will bring cryptocurrency – and Dogecoin – payments to the social network.
The rekindling of this expectation has caused DOGE to shoot up by 2% in the past hour, while the meme token is also up by 6% in a week and by 12% in the last 30 days,
However, it would be premature to assume that Twitter's rebranding means that it will integrate DOGE payments anytime soon, with no one at the social media company mentioning such a possibility since Elon Musk bought it in October 2022.
DOGE's indicators have shot up in the past few hours, following Twitter's rebranding, although it's not clear how long the current momentum will last.
For example, DOGE's relative strength index (purple) shot up to 70 a few hours ago, in a sign of strong incoming momentum.
However, it has since dipped back down to 60, implying that DOGE's rally may already be calming down.
On the other hand, the altcoin's 30-day moving average (yellow) continues to rise further above its 200-day average (blue), so it's still possible that it could gain more in the next few hours or days.
This possibility is also suggested by DOGE's support level (green), which has risen steadily in the past couple of weeks, providing the altcoin with a higher base from which to pursue new peaks.
As stated above, the cause of Dogecoin's strength today is, once again, Elon Musk and Twitter, the latter of which has rebranded to 'X' and changed its famous bird logo.
This has led people to believe that the introduction of cryptocurrency
Read more on cryptonews.com
