- Elon Musk’s Halloween history sparks DOGE price anticipation.
- Dogecoin holds steady above $0.055 support, hinting at a potential rally to $0.0775.
- Twitter’s crypto venture with DOGE integration sparks market anticipation.
Last year, Elon Musk grabbed headlines with his Halloween-themed Doge photo alongside the Twitter bird. Consequently, the DOGE price skyrocketed by over 27% to a 1-year high of $0.1572 before facing resistance. This gesture, coming from his $44 billion Twitter acquisition, spurred intense speculation. Moreover, many connected the dots, hinting at a deeper bond between Twitter and Dogecoin.
However, a year has passed since then, and as Halloween approaches, crypto enthusiasts and DOGE fans are on edge as speculation looms about whether Musk might pull another Halloween card.
Twitter Payments’ New License
Significantly, after acquiring Twitter, Musk’s venture into the crypto realm seems more prominent. Moreover, on Aug. 28, Twitter Payments LLC secured a license in Rhode Island. Consequently, Musk’s X company, formerly known as Twitter, now holds the green light to manage crypto transactions in seven US states.
Interestingly, Dogecoin’s price experienced a notable hike each time a new license got approved. Moreover, there’s heightened anticipation around Dogecoin being integrated into the X app for payment processing.
DOGE/USD Technical Analysis
Despite the market volatility, Dogecoin’s price has remained steadfast above the crucial $0.055 support since June 2022. This support level, tested repeatedly, showcases significant buying interest. Historically, such lateral moves following declines suggest a potential accumulation phase.
Moreover, the current Dogecoin price showcases a shift from a downtrend to a sideways trajectory, emphasizing its resilience.
Significantly, DOGE at press time was under bullish momentum valuing at $0.05897 despite a bearish start to the day that dipped price to $0.05574. However, given the history of the $0.055 support propelling prices upwards, there’s a potential for buyers to breach the overhead trendline. Consequently, this could set the stage for a 30% rally, targeting the $0.0775 mark.
However, if the market sentiment sways bearish, an underlying fragility also pressures the price below its current support. Hence, a weekly close beneath this crucial support could trigger a further slide for Dogecoin.
The stochastic RSI rating of 7.61 on the 24-hour price chart indicates that the DOGE market may be oversold. This level signals a possible buying opportunity for traders wishing to join the market at lower prices. However, if the stochastic RSI rises above the oversold level, it might imply a likely trend reversal and an upswing in the DOGE market.
With the Chaikin Money Flow (CMF) going higher with a rating of -0.00, it indicates that there is currently no substantial buying or selling pressure in the DOGE market. This CMF level signals a time of trading consolidation or indecision. However, if the CMF enters positive territory and begins to climb, it may indicate increased purchasing pressure and a possible bullish trend in the DOGE market.
In conclusion, as Halloween approaches, the crypto world awaits Elon Musk’s next move, while DOGE’s resilience above $0.055 sparks hope and caution for Dogecoin enthusiasts.
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