Dogecoin (DOGE) price is in the midst of a recovery as the Bitcoin price is trading above $26,100 on Tuesday. The biggest memecoin has faced strong selling pressure in the past few weeks. Today’s rebound in cryptocurrencies is a breath of fresh air for altcoin investors after weeks of downtrend.
On Tuesday, the crypto markets turned green as the Bitcoin price recovered after briefly dipping below $25,000. DOGE coin also showed a positive price action and was up 2.21% at press time. Most other altcoins also caught a bid as the stablecoin market dominance decreased.
Since the rebranding of Twitter to X, many analysts are expecting the DOGE to be integrated into X for payments. While there hadn’t been any confirmation from Elon Musk, still many short-term traders loaded up the memecoin in August. These traders met with disappointment as the Dogecoin price tanked due to the Bitcoin crash.
Considering Elon Musk’s views about Dogecoin, a Twitter integration can’t be ruled out. Recently, X (Twitter) also secured a license to handle digital assets. This is being seen by many analysts as a step towards the integration of cryptocurrencies for payments on social media platform.
The following Doge price chart clearly shows a breakdown of the bullish market structure on the daily chart. This has put a retest of the June 2022 lows around $0.053 on the cards. The memecoin is also trading well below the 200 MA on the daily chart, which lies at $0.072.
Dogecoin price prediction will remain bearish as long as it remains below the $0.072 level. Bulls need to break above the key moving average to signal some strength. Another factor affecting the price action in the coming days will be Bitcoin’s ability to break above the $27,500 resistance level.
In the meantime, I’ll keep sharing updated DOGE analysis and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Sep 12, 2023, 13:27 BST 13:27