Dogecoin price has started to rise amid speculation by traders. We have been talking about Elon Musk’s X App plans for almost a year now, and the reason behind his acquisition of Twitter was actually this. Now, taking the first step, he changed the platform’s logo to X. Today, the DOGE price reached $0.078, the highest level in the past two months, with an increase of approximately 5.5%.
Token‘s intra-day gains came as part of the weekly rally that started when Elon Musk rebranded Twitter as X and added the DOGE symbol to his biography two days ago. Since then, Dogecoin has shown an increase of over 11% similar to previous price reactions to Musk’s pro-Dogecoin statements. On July 25th, Musk introduced X as an “everything app” with a focus on financial services. He had previously stated that he would create his own WeChat-like application with X App.
DOGE Price Analysis
Many analysts believe that the mischievous billionaire will eventually integrate DOGE as a payment method into the system. David Gokhshtein, the founder of Gokhshtein Media, said:
“Watch Elon Musk troll everyone by making DOGE the first crypto to be used on the X platform.”
The rise in Dogecoin prices triggered the liquidation of more than $6 million worth of short positions since July 24th. From a technical standpoint, the DOGE price is entering the breakout phase of the dominant Bump-and-Run-Reversal (BARR) Dip formation with a price target of around $0.88, representing an approximate 15% increase until September 2023. For a significant short-term rise, closing prices above $0.078 are needed.
If DOGE starts to decline from here, it could drop to $0.073. For those who believe in the rise of the X App story in the medium term, this level could be a good entry point. However, since the price is currently struggling to determine its direction, closing prices above $0.078 or a drop to $0.073 can be expected.
