Musk's X Platform May Adopt DOGE Payments: Can Dogecoin Reach $1 Again? Dogecoin (DOGE) has been consolidating above the $0.091 support level recently
Musk's X Platform May Adopt DOGE Payments: Can Dogecoin Reach $1 Again?
Dogecoin (DOGE) has been consolidating above the $0.091 support level recently. The Federal Reserve's 0.5% rate cut and the broader market rebound have also provided support for Dogecoin's price bottoming out. Elon Musk, CEO of Tesla, has continued to show support for Dogecoin, which has fueled expectations of a price rebound among many. Speculation is mounting in the market about whether Musk's social media platform X (formerly Twitter) will officially adopt Dogecoin as a payment method.
What impact would Dogecoin's price experience if Musk's X platform integrated DOGE payments?
Musk's influence on Dogecoin is undeniable. Since his acquisition of Twitter (now renamed X), the market has been buzzing with rumors that he plans to integrate cryptocurrency payments, with Dogecoin being the frontrunner. If X implements DOGE payments, demand for Dogecoin could surge as it could be used for tipping, subscriptions, advertising, and even goods or services within the ecosystem.
Historical precedent suggests that such events could trigger a strong short-term rise in Dogecoin's price. In early May 2024, after Musk added DOGE payments for some Tesla products and merchandise, Dogecoin's price jumped 20-30% within 48 hours of the announcement.
This integration of DOGE payments is anticipated to have a similar effect. The increased utility will promote DOGE transactions and overall network activity, leading to greater liquidity and potentially driving organic demand for Dogecoin. Therefore, if X adopts Dogecoin as its native payment option, Dogecoin's price could accelerate its return to its all-time high of $0.73 and even break through $1.
DOGE Price Breaks Out of 5-Month Downward Trend
Dogecoin's price prediction has shown a V-shaped reversal over the past three weeks, rising from $0.0889 to $0.107, representing a 20% gain. During this upward trend, buyers successfully reclaimed the 20-day and 500-day EMA and decisively broke out of a falling wedge pattern on September 13th. This breakout marked the end of DOGE's five-month correction trend.
With sustained buying pressure, buyers could challenge the resistance level at $0.115 followed by the $0.144 resistance level. On the other hand, if Dogecoin fails to stay above the 20-day EMA slope, sellers could push Dogecoin back into the wedge pattern and retest the bottom support at $0.91.
Conclusion
The adoption of DOGE payments on Musk's X platform could have a significant impact on the Dogecoin market. While a sharp short-term price surge is likely, ultimately breaking through $1 will depend on real-world adoption and the overall market performance.
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