Dogecoin Jumps as X Payments Handle Goes Live: What’s Next?

• DOGE formed a MACD golden cross as the price briefly reached $0.090. 
• Speculation around a possible DOGE payment on X triggered the price increase.
• If buying pressure increases, the coin may hit $0.11 in the short to mid term.

Not only did Dogecoin (DOGE) rise by 7.36% in the last 24 hours, but the coin also had its first Moving Average Convergence Divergence (MACD) golden cross on January 20. Trader Tardigrade revealed this after checking out the DOGE weekly chart. 

Will X Add DOGE to the Options?

The MACD golden cross occurs when a short-term Moving Average (MA) crosses over a major long-term MA. When this happens, it means the cryptocurrency’s movement is ready for a long upward run.

However, Dogecoin’s price did not suddenly jump without a known cause. Instead,  the launch of the X Payments handle fueled the surge. For context, X Payments is the financial segment of the X (formerly Twitter) platform. 

For a long time, Elon Musk, who bought and rebranded Twitter to X, has not hidden his love for Dogecoin. At one point, he teased about having DOGE as a payment option for the “Everything app.” 

Furthermore, Fortune reported in January 2023 that the company was considering adding crypto payments to the platform. 

Although Musk has not confirmed if he will still go ahead with the plans, the Dogecoin community believes that it’s a no-brainer and Musk would add the functionality. 

This was also because Tesla, his other company, accepts DOGE as payment. Another reason could be linked to Coin Edition’s recent disclosure where Musk noted that he still holds the memecoin.

Dogecoin Eyes Another Run

From the DOGE/USD 4-hour chart, the development caused the volume to soar. As a result, the price went as high as $0.090. However, the price faced resistance at the same zone, and had retraced to $0.085 at press time.

One of the reasons it reversed could be seen from the RSI. At press time, the RSI was 64.11. However, the reading tapped 76.72 earlier, indicating that the price was overbought

So, a quick sell-off could have triggered the decrease. Despite the drop, indications from the Fibonacci retracement showed that the coin price might extend higher in the short to mid-term.

The chart above showed that the 0.618 Fib level was at $0.082. This indicates that DOGE might pull back to that level. However, with the MACD golden cross and increased buying pressure, DOGE could trade as high as $0.11. 

The $0.11 price was where the 3.618 Fibonacci level was positioned. In addition, Dogecoin has the potential to rise higher. But that might also depend on updates from X Payments and Elon Musk.
Should the firm adopt the coin as a payment option, it could head toward the $1 price prediction. However, if Musk refuses to add DOGE, a move to $1 could become more difficult.