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The market value of the cryptocurrency market’s largest memecoin project, Dogecoin, reached its highest level of the week after the creation of a new XPayments account on platform X, which has over 100,000 followers. DOGE surged by 12.8% in a nine-hour period on January 21 and reached the highest level of seven days at $0.08978 in the early hours of January 22.
Elon Musk and DOGE
The XPayments account has not yet made a post and X has not confirmed exactly which payment methods it plans to offer, but investors think that DOGE could be part of the offering due to occasional mentions by the owner of the social media platform, Elon Musk.
Users of X are hoping that Musk will somehow integrate DOGE into the platform due to the billionaire’s often cryptic posts and biography updates.
Musk allowed DOGE payments in Tesla’s product store and changed Twitter’s logo to the Dogecoin logo shortly after taking over the platform in April 2023, which led to a 22% increase in DOGE’s price. In December, Musk stated that he expected payments on the X side to start by mid-2024, and last year the company applied for regulatory licenses in several US states.
Dogecoin Chart Analysis
A falling trend line is noticeable on the four-hour DOGE chart. Following the development on the X side on January 21, DOGE managed to break this trend line but failed to close the four-hour bar above it, which led to selling pressure on the DOGE front. The EMA 200 level (red line) indicates a short-term negative process for DOGE due to selling pressure.
The most important support levels to watch on the four-hour DOGE chart are, respectively; $0.08246 / $0.07961 and $0.07677. A four-hour bar close below the $0.08246 level, which played an important role in the recent selling pressure, will increase the selling pressure on DOGE.
The most important resistance levels to follow on the DOGE chart are, respectively; $0.08410 / $0.08630 and $0.08875. Especially a four-hour bar close above the $0.08875 level following a news-driven rise will accelerate the momentum of the DOGE price.
