Current State of Dogecoin
DOGE price had started a delayed rise with Elon Musk’s actions on Sunday. However, it seems to have calmed down now. The overall market uncertainty is negatively affecting even the positive differentiations in altcoins. In general, if the Bitcoin price does not exceed $29,700, the possibility of altcoins making massive rallies weakens. BTC seems to be on a more boring and narrow range.
The king of meme coins, DOGE, had risen with the mischievous billionaire’s reminder of X App plans. Elon Musk managed to liven up social media with the DOGE symbol he added to his profile. What DOGE investors know best is that if Twitter is getting active, the price will soon rise. And that’s what happened. Now, as Twitter takes more steps towards the transformation to X App, DOGE investors may have a reason to smile.
Although Elon Musk claimed to have given up on cryptocurrencies, his posts in July and his recent X App move say the opposite. DOGE, on the other hand, continues the day with a approximately 3% loss at $0.076.
Dogecoin Comments
DOGE, the largest meme coin by market value, ranks eighth with a market cap of $10.7 billion. Although it has returned a significant portion of its weekly gains, the altcoin is still roughly 4% higher than seven days ago. During the same period, BTC and ETH lost about 2% in value. XRP Coin, on the other hand, eroded over 8%.
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Closing above $0.073 on the four-hour chart indicates that the uptrend may continue. However, since the price cannot close above $0.083, the rally ended prematurely. Now there are two possibilities. Either Elon Musk will announce the integration of DOGE payments into the system with a surprise announcement, causing the price to skyrocket. Or BTC will make closings above $29,700, showing its intention to target $32,000 again. In this scenario, the excitement of X App may help the price rise to $0.1.
The next 20-day period will be extremely volatile on a macro level. This also indicates that the Bitcoin price may remain hesitant towards the expected rise. Therefore, exciting announcements for Twitter seem to be the only option for the $0.1 target for now.
