Once again, the new Twitter boss Elon Musk tweeted a rapid increase in the price of Dogecoin. Musk didn’t even have to directly mention the meme token to trigger a strong price reaction.
Musk published some illustrations from a meeting at the company on his channel. As is known, Musk plans to implement some changes in the network after the acquisition. In this context, there is talk of Twitter 2.0.
New payment methods planned for Twitter – including Dogecoin?
The content of the payment can be an important pillar. Because Musk wants to make sure that Twitter earns more money in the future. In the first step, he changed the requirements for the blue tick that Twitter profiles can get. In the past, the tick indicated strict verification of the account.
For example, politicians or celebrities could use the blue tick to prove that the tweets from this account really came from them. This made it more difficult for spammers and fraudsters to impersonate someone else to quickly attract a lot of attention, for example with suspicious messages or advertising links.
Musk changed the concept so that anyone can buy the blue tick for a few bucks. However, this led to sharp criticism, as did several other measures that Musk has already initiated since the short time of the Twitter deal.
Slides from my company Twitter talk pic.twitter.com/8LLXrwylta
— Elon Musk (@elonmusk) November 27, 2022
DOGE price pumps without any direct mention of Musk
However, the content of the payment is likely to play a big role in the future, which is also reflected in the aforementioned charts from the Twitter meeting. One of the images published by Musk was dedicated to this topic.
With this, Musk once again fueled speculation that the DOGE cryptocurrency could play an important role on Twitter in the future and that users would use it as a digital payment method.
These rumors have been around for a long time, as Musk is known to be a big fan of Dogecoin and regularly publishes new tweets with a direct or indirect reference to Dogecoin on Twitter. In addition, it was already possible for Musk to buy Tesla merchandise with Dogecoin in the past. On the other hand, the entrepreneur banned Bitcoin as a payment method from the Tesla store after a short period.
However, nothing has been confirmed yet, and the word Dogecoin did not even appear in Twitter’s presentation in the current case. Apparently, the hope of DOGE buyers that Musk will take this step is enough to make the price explode.
Dogecoin with the best trend over the weekend
In response to the tweet, DOGE/USD gained a whopping 30 percent in a very short period of time. With that, the altcoin saw the strongest trend among the top cryptocurrencies this weekend.
Among the most valuable cryptocurrencies, Dogecoin rose to eighth place according to coinmarketcap.com figures and is now worth more than $12.5 billion. DOGE currently costs just under 0.1 dollars.
However, the price still cannot reach the level at which DOGE/USD reached the $0.15 mark at the beginning of the month. The pump came at the time in direct response to Elon Musk’s confirmed purchase on Twitter. The billionaire previously tried to withdraw from the business, citing incorrect information about the number of users.
In the end, Musk did not go to court and allegedly paid $44 billion for the text messaging service.
DOGE 87 percent under ATH still a bargain?
Despite the recent uptrend, the Dogecoin only looks bullish in the short term. As it was measured against the all-time high prices DOGE/USD reached last year, DOGE still seems relatively cheap at less than 0.1 dollars and it may be worth continuing to buy DOGE.
On May 8 last year, DOGE cost just under 0.74 dollars at its peak. The meme token is still 87 percent lower than its all-time high. Despite the recent rally, the correction in this bear market is still stronger than for the top cryptocurrencies Bitcoin and Ethereum, which are down less than 80 percent compared to 2021.
Now what to expect for the DOGE / USD rate? Looking at the 1 hour chart, the price is moving up in a rising and expanding ding. The resistance zone is currently around $0.11 and the support area is around $0.9. If DOGE/USD loses support, the price could reach a head and shoulders formation and technical price target of $0.75.
Dogecoin forecast: expected return of 1,750 percent
More interesting is the chart pattern from the daily chart. Here, DOGE/USD remains in a descending triangle despite the recent rally. A bearish pattern based on technical analysis where a downward correction is likely.
Recently, DOGE was rejected at the resistance line falling $0.15 when the price rose in early November. Meanwhile, the $0.05 support area sits. The price is currently right between these two important zones and it may take some time before a directional decision is made for DOGE/USD. In theory, the price can remain in the gel until early April 2023 before it ends.
Depending on the timing of the breakout, the bullish scenario could cap the DOGE/USD price to a technical price target around $0.5. That is 400 percent growth at the current rate.
The price forecast at Digital Coin Price estimates that DOGE will not be able to reach this mark again until 2027. However, the current price is expected to double in the next 12 months. Analysts are not predicting a new all-time high until 2029, when DOGE should scratch the $1 mark. A maximum price of 1.84 dollars is expected for DOGE by 2031. If this forecast is correct, buying DOGE could bring in a return of about 1,750 percent over the next decade.
Alternative to Dogecoin: Buy cheap IMPT tokens now
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Buyers of the IMPT token can benefit from it in several ways. You do something for climate protection and you can benefit financially from the increasing value of the project and NFT sales. Pre-sales are currently underway via impt.io.