Will Twitter X impact the DOGE Price?

Dogecoin Price Prediction suggests a sharp rise is possible in the coming months. DOGE Price is reversing upward and showing signs of a bullish trend reversal. 

Dogecoin Price managed to climb above the 50-day and 200-day EMA which indicates the positional trend has reversed upward. 

DOGE crypto recovered 37% approx from the recent swing low and attempted to break the $0.08000 level. However, the confirmation of the breakout is still awaited. Dogecoin supporter Elon Musk rebrands Twitter bird logo to X which has grabbed the attention of the market participants. 

Earlier, Musk once changed the Twitter Blue Bird logo to Dogecoin, impacting the DOGE price. So, the rebranding of Twitter logo to X might indirectly impact the DOGE crypto prices in the coming months.

In the mid of June, Dogecoin Price fell with strong momentum and tried to break the $0.06000 support. Luckily the buyers are active in the lower zone which succeeds to defend the support.

Dogecoin Price is trading at $0.07772 with an intraday rise of 4.74%. The 24-hour volume to market cap is 13.19%.

Will Dogecoin Price recover in the coming months?

Dogecoin Price Prediction turned bullish for the long term. The prices seem to be in the recovery phase and bulls are returning back to track. 

DOGE crypto price consolidated for quite a long time in a narrow range. It might be considered as a short-term base. Till the Dogecoin price is sustained above the $0.06000 the probability of continuing the recovery remains high. 

The prices will pick up momentum when buyers will be able to break the $0.08000 level. On the other hand, If the price faces rejection then it is likely to consolidate for some more time. 

DOGE Price witnessed a spike in buying volume

DOGE Prices witnessed a sudden spike in buying volume and prices also followed the same direction. It indicates some genuine investors are turning bullish. 

The MACD  curve slopes upward and generates a positive crossover. It indicates bullish momentum might continue for some more time. The RSI at 68 sloping upward denotes the strength of bulls and buyers seem to be returning back to track. 

Conclusion

Dogecoin Price Prediction suggests a sharp rise is possible if buyers succeed in breaking the $0.08000 hurdle. The technical analysis suggests DOGE Price is in the initial phase of a trend reversal, and the probability of a breakout is high. 

Technical levels

• Resistance levels: $0.09496 and $0.11046
• Support levels: $0.06000 and $0.05000

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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