Dogecoin Soars as X Payments Launch Gets Closer; What to Expect?

• 1 Dogecoin price soars about 10% after the launch of a dedicated X Payments account on its platform.
• 2 Bulls look aggressive in the last sessions as the DOGE price breaks above the key EMAs.

Dogecoin barking loud again and the credit goes to the recent development in the social media platform X’s (formerly Twitter) “Everything App”. The DOGE price surged more than 10% after the launch of a dedicated X Payments account on its platform. 

Dogecoin has received many endorsements from Elon Musk, who has influenced DOGE’s price and popularity with his tweets. Tesla, Musk’s electric car company, has also adopted DOGE as a way to pay for its products and showcased it on its futuristic CyberTruck code page.

These factors have sparked rumors that X Payments could also accept DOGE as a payment option, following Tesla’s example. It could create new opportunities for Dogecoin and its users, as well as boost its adoption and demand.

Dogecoin on the Technical Charts 

On 20 Jan 2024, the price opened at the level of $0.07848 made a high of 0.09740, a low of 0.07815, and closed at the level of 0.09116, which demonstrates a total change of 16.14%. The volume was 484.237 Million as per the trading view data.  

The price break above the key moving averages showcasing bullishness on the daily charts.

Previously the price was trading on a downward slope, the X payment news ignited the price and turned into a breakout above the level of $0.08460. Now, the price direction depends upon whether the price sustains above the current levels or not.

The MACD is showing a bullish cross after a long time showing bullishness. It is now heading in an upward direction and the green bars on the histogram are noted on the chart.

The RSI curve is heading in the upward direction above the median line, currently at the 52 level showing bullishness.

Will Dogecoin Reach the $1 Mark?

If X Payments integrates DOGE as a fee option, it may boost the demand and reputation of Dogecoin. It may probably push the price closer to the formidable $1 goal that many enthusiasts are hoping for. However, if X Payments does not assist DOGE as a payment method, the price might also face a correction and resume its downward trend.

Therefore, traders and traders must be cautious whilst dealing with DOGE or some other crypto asset. They need to also do their research and evaluation earlier than making any investment choices. Dogecoin is a volatile and volatile asset that may be motivated using many elements, inclusive of marketplace sentiment, information, rules, and opposition from other cryptocurrencies.

Conclusion

No official confirmation yet, X and Musk have remained mum on whether DOGE will be included in X Payments. The lack of official confirmation casts a shadow of uncertainty over the bullish sentiment. However, the announcement and the buzz fueled the dogecoin fans again with excitement. Now, the price trend depends upon whether the price is sustained above the current levels or not.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions