Dogecoin (DOGE) price has been performing very well since last week. In this article, we’ll discuss the fundamental and technical reasons behind the recent rise in demand for the top meme coin. Analysts are also speculating on something big coming for DOGE as Elon slowly changes Twitter into his everything app known as ‘X’.
Altcoins are showing a negative price action on Friday as Bitcoin continues its sideways chop. Dogecoin also slid 1.65% during today’s trading session. During its London session, the pioneering meme coin was changing hands at $0.0763.
The recent surge in Dogecoin price could be attributed to multiple fundamental and technical factors. The most apparent reason is the recent rebranding of Twitter to X app by Elon Musk. The tech billionaire has also added the DOGE logo along with the X logo in his Twitter bio. This has led to speculations that the memecoin may play a major role in Elon’s new everything app.
While the full features of the X app are still to be rolled out, Dogecoin price has started to surge in advance. This is because the markets are always forward-looking. However, at this point, nothing has been confirmed by Elon Musk.
As visible on the following DOGE price chart, the price has broken out of the downward trendline on the daily timeframe. Due to the bullish momentum, the price also broke out above the 200 MA earlier this week. Currently, the coin is retesting the key moving average from the upside to confirm the breakout.
If the 200 MA holds, Dogecoin price prediction might flip very bullish. In this case, the first target for the bulls will be the key psychological level of $0.10. This would be a 24% price increase from the current level. However, a lot depends on the BTC price action in the coming days.
In the meantime, I’ll keep sharing updated DOGE coin analysis as well as the upcoming 1000x gems on Twitter, where you are welcome to follow me.
This post was last modified on Jul 28, 2023, 10:28 BST 10:28