Why is Dogecoin (DOGE) Rising? - COINTURK NEWS
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Why is Dogecoin (DOGE) Rising?

11:02 pm (69 days ago)
July 25, 2023

Despite the general market decline, meme coins are firing up the rockets. DOGE continues to rise with double-digit gains. A few hours ago, we mentioned that if the price closed above $0.078, the uptrend could gain momentum. Now the price is running towards $0.083. Earlier on Sunday, we warned that Elon Musk’s moves regarding X App could drive the price of Dogecoin to a rapid rise. Both our warnings have proven to be accurate.

Why is Dogecoin (DOGE) Rising?

As we warned on Sunday, Elon Musk has a long-awaited X App project. This will be a WeChat-like application, and the main reason for his purchase of Twitter for billions of dollars is this. Musk wants to build an application and portal that includes everything. He definitely has the financial power to do it. So, will this app, which will serve in all areas including finance, also include cryptocurrencies?

That’s the question exactly. It is important that market investors have this expectation, regardless of whether Musk takes this bold step and brings DOGE support along with the payment feature to the application soon. This is exactly what is driving the price up. Moreover, the mischievous billionaire’s possibility of doing such a crazy thing is not zero, especially since he has added the Dogecoin logo to his profile.

DOGE Price Analysis

On the weekly timeframe chart, Dogecoin price shows a V-shaped reversal from a combined support of $0.53 and a lower trend line of a symmetrical triangle pattern. Such a rise reflects the high accumulation from investors who often turn to discounted prices after a significant decline. As a result, the popular memecoin has managed to increase by over 50% in the past seven weeks.

In addition to the positive news flow supporting the short-term rise, technical indicators are also positive. A potential bullish crossover between the 20-day and 100-day EMAs will support the recovery rally. If the rally gains momentum in the next few hours, the levels of $0.094 and $0.1 could be tested. Preserving the $0.078 region is crucial for the continuation of the uptrend.

In the coming hours, Elon Musk may remove the DOGE logo from his profile or make another post about DOGE. This is what speculative price movement and high volatility are called.

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