BTC price struggles at $21K as trader says ‘top is in’ for Bitcoin, Ethereum

October 30, 2022 Coin Telegraph

Bitcoin

The previous days' trips above the $21,000 mark could be Bitcoin's last for the time being, fresh analysis concludes.

Bitcoin (BTC) continued consolidating into the Oct. 30 weekly close as concerns over a deeper retracement became vocal.

*BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView*

Trader avoids new longs below $21,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling levels just below $21,000 on the day.

Weekend trading had produced an early return above the $21,000 mark, this short lived as Bitcoin bulls failed to offer the volume to sustain higher levels.

Now, popular trader and analyst Il Capo of Crypto sensed a change of direction was ultimately due for Bitcoin and altcoins alike.

Altcoins themselves had also performed strongly through the weekend, notably led by Dogecoin (DOGE), which was up another 25% in the past 24 hours at the time of writing and at six-month highs.

“In my opinion, top is in for $BTC and $ETH, but some altcoins could pump more,” he wrote in part of a fresh Twitter update.

“Not entering any new long positions and just trailing my stops in profits (altcoins). I will fully TP soon.”

Profit-taking was already a hot topic in recent days, with on-chain indicators suggesting that the temptation would become considerable should Bitcoin pass $21,000 more convincingly.

Responding to Il Capo of Crypto, fellow trader Mark Cullen voiced similar caution over the short-term market strength.

Bitcoin, he said, had “spent a bit too long under 21k for my liking, while Alts / ETH in particular have run.”

“BUT, break the golden zone and i would consider a quick push higher first. Lose 20.4k and i start to question everything,” he tweeted.

*BTC/USD annotated chart. Source: Mark Cullen/ Twitter*

"Uptober" on track for sideways 7% gains

On the daily chart, BTC/USD was up against the 100-day moving average (MA), having managed to beat out the 50-day MA over the week.

*BTC/USD 1-day candle chart (Bitstamp) with 50, 100MA. Source: TradingView*

Turning to the weekly and monthly charts, October 30 looked to offer Bitcoin’s highest weekly candle close since mid-September.

*BTC/USD 1-week candle chart (Bitstamp). Source: TradingView*

At current prices, Bitcoin was meanwhile up 7% in October, still its third-weakest performance since 2013, according to data tracked by monitoring resource Coinglass.

*BTC/USD monthly returns chart (screenshot). Source: Coinglass*

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Dogecoin price rallies 150% in 4 days, but DOGE now most ‘overbought’ since April 2021

October 29, 2022 Coin Telegraph

Altcoin

DOGE price could drop 60% by the end of this year as it reaches its most overbought level since April 2021.

The Dogecoin (DOGE) price rally extended further on Oct. 29 in hopes that the cryptocurrency would get a major boost from Elon Musk's Twitter acquisition.

Elon Musk boosts Dogecoin price again

Dogecoin price jumped by nearly 75% to reach $0.146 on Oct. 29, the biggest daily gain since April 2021.

*DOGE/USD daily price chart. Source: TradingView*

Notably, the meme-coin's massive intraday rally came as a part of a broader uptrend that started earlier this week on Oct. 25. In total, DOGE's price gained 150% during the Oct. 25-29 price rally.

The surge was also accompanied by a decent increase in its daily trading volumes. That coincided with a spike in the number of DOGE transactions exceeding $100,000, according to Santiment. Both indicators sugges a growing demand for Dogecoin tokens among rich investors, or so-called "whales."

*Dogecoin whale transaction count. Source: Santiment*

The jump across Dogecoin's key metrics reflect investors' excitement about Elon Musk's Twitter acquisition on Oct. 27. Earlier this year, the billionaire entrepreneur had flirted with the idea of making Dogecoin a payment method to purchase the Twitter Blue subscription.

Musk's Tesla and SpaceX already accept DOGE payments for their merchandise.

$DOGE, the official currency of Twitter.
— David Gokhshtein (@davidgokhshtein) October 28, 2022

Shiba Inu, meme-coins follow DOGE

Shiba Inu (SHIB), the second-largest meme token by market capitalization, posted a copy-cat rally as well.

On Oct. 29 alone, SHIB's price jumped by 30% to $0.00001519, its highest level since August 2022. Like Dogecoin, Shiba Inu's rally came as a part of a broader uptrend that started on Oct. 25. Since then, its price has gained 53%.

*SHIB/USD daily price chart. Source: TradingView*

Additionally, other meme coins have jumped massively in the said period, including Dogelon Mars (ELON), which rallied 140%.

*Meme coins performance on hourly, daily, and weekly timeframes. Source: CoinMarketCap*

Dogecoin most overbought since April 2021

Dogecoin's ongoing price rally is starting to look overstretched, however, according to a classic technical indicator.

The relative strength index (RSI), a momentum indicator determining the degree of recent price changes to analyze overbought or oversold levels, has risen to 93.69 on the daily Dogecoin chart. This is the highest level since April 2021, a month before the DOGE price rallied to its record high of $0.75.

Therefore, the "overbought" conditions do not necessarily mean an immediate bearish reversal. But they do reflect the current euphoric buying momentum in the market, which sooner or later prompts the price to trend either sideways or correct downward.

Dogecoin's 2018-2020 bear market on a weekly chart sheds light on similar price action. Notably, DOGE crashed by almost 95% almost two years after peaking at $0.0194 in January 2018.

The token's correction period saw it trending inside a descending channel. It broke out of the range to the upside in July 2020 but followed the upside move with a sideways consolidation trend — between its 0 Fib line of 0.0022 and 0.236 Fib line of $0.0054 — until December 2020.

*DOGE/USD weekly price chart. Source: TradingView*

In comparison, Dogecoin's ongoing bear market is shorter but shows a similar trend trajectory to the 2018-2020 period, as shown above. Therefore, DOGE may fluctuate inside its current 0-0.236 Fib line range (or the $0.055-$0.176 range) following its descending channel breakout.

In other words, DOGE could correct toward $0.055 by the end of this year, down about 60% from current price levels, if the fractal plays out as intended.

Conversely, an immediate breakout above the 0.236 Fib line could have DOGE eye $0.25 as its next upside target.

Dogecoin price jumps 40% on Elon Musk, Twitter’s crypto wallet rumors

October 27, 2022 Coin Telegraph

Altcoin

DOGE could undergo a 20% price correction before the end of the year despite strong fundamentals.

Dogecoin’s (DOGE) price rallied to its best levels in two months as traders assessed Twitter’s potential to create a cryptocurrency wallet product.

Elon Musk fuels Dogecoin rally again

DOGE’s price jumped to $0.081 on Oct. 27. The price gained roughly 40% two days after Jane Manchun Wong, a popular tech blogger, claimed that Twitter is working on a wallet prototype that supports cryptocurrency deposits and withdrawals.

Elon Musk is the thread that connects Dogecoin and Twitter. Earlier this year, the Tesla and SpaceX CEO won the bid to purchase Twitter for $44 billion. Later, on April 11, he flirted with the idea of adding Dogecoin as a payment method for the Twitter Blue subscription service.

DOGE’s price grew 30% to $0.17 in 10 days after Musk’s pro-crypto suggestion to the Twitter board. But the memetoken fell drastically afterward, reaching as low as $0.05 in June as Musk attempted to back away from the deal, citing his concerns over Twitter’s user figures.

Twitter sued Musk in response, eventually prompting the court to rule in its favor. Chancellor Kathaleen McCormick, the judge overseeing the legal battle, denied attempts by Musk to postpone the trial, noting that the deal should close by 5 pm ET on Oct. 28.

Musk changed his Twitter bio to “Chief of Twit” on Oct. 26, followed by a personal visit to the Twitter headquarters on the same day. That raised anticipations that Musk would close the deal per the court deadline, paving the way for Dogecoin to become an integral part of the Twitter platform.

#Dogecoin pumped 15% after this: pic.twitter.com/MCZ9iGyt1a
— Altcoin Daily (@AltcoinDailyio) October 27, 2022

DOGE price risks 20% correction

From a technical standpoint, Dogecoin’s recovery shows signs of exhaustion as its price tests a strong resistance confluence.

On the three-day chart, the confluence comprises three resistance levels: a multi-month descending trendline, the 50-3D exponential moving average (the red wave), and a horizontal level around $0.08, as shown below.

*DOGE/USD three-day price chart. Source: TradingView*

Given DOGE’s immediate correction after testing these resistance levels, the token’s possibility of heading lower appears high. Meanwhile, its downside target is near the ascending trendline that has served as support in recent months.

That puts DOGE’s price en route to around $0.06 in Q4/2022, approximately 20% below the current price.

Conversely, a decisive breakout above the resistance confluence could have DOGE eye the 200-3D EMA (the blue wave) near $0.11 as its next upside target. In other words, a 50% boom from current price levels.

Dogecoin has crashed 75% against Bitcoin since Elon Musk’s SNL appearance

September 18, 2022 Coin Telegraph

Altcoin

DOGE price has more room to decline despite Elon Musk's visible efforts to revive its upside boom.

Dogecoin (DOGE) may be back in the top-ten cryptocurrency by market capitalization, but its loses in both USD and Bitcoin (BTC) terms since Elon Musk's SNL appearance are considerable.

Dogecoin loses Musk-effect

The DOGE/BTC trading pair has fallen 75% after peaking out at 1,287 satoshis on May 9, 2021, a day after Musk was a guest host on Saturday Night Live, including a sketch titled “The Dogefather.”

*DOGE/BTC daily price chart. Source: TradingView*

Before his appearance, the billionaire entrepreneur was relentlessly tweeting Dogecoin memes, images, which helped DOGE — a cryptocurrency that started out as a joke — to attain a market capitalization north of $90 billion in May 2021.

That's more than 36,000% gains in just two years. But things have gone downhill ever since.

Investors reflected hopes that even an optimistic wink from Musk on SNL toward DOGE would prompt his 106 million followers to buy the meme-token. But Musk did an unforeseeable thing: he called Dogecoin a "hustle."

One day later, DOGE's price began its decline from its all-time high. It continues its downtrend to this day, changing hands for about 300 satoshis versus its peak value of 1,287 satoshis.

Simultaneously, the price of Dogecoin has crashed by more than 90% against the U.S. dollar after peaking out at $0.76 in May 2021.

Elon Musk's efforts to keep Dogecoin relevant

Musk has made multiple efforts to revive people's interest in Dogecoin ever since.

In May 2021, he revealed he had been working with Dogecoin developers to improve its blockchain's transaction efficiency since 2019. Additionally, Musk's Tesla and SpaceX also started accepting DOGE payments for their merchandise, prompting a sharp but short-lived price rally.

Moreover, Musk stated during a market crash in March 2022 that he would not sell his crypto holdings, including DOGE and Bitcoin. Nonetheless, Tesla sold 75% of its Bitcoin holdings three months after Musk's declaration.

As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.

I still own & won’t sell my Bitcoin, Ethereum or Doge fwiw.
— Elon Musk (@elonmusk) March 14, 2022

The prospect of adding a DOGE payment option to Twitter also collapsed after Musk backed away from buying the social media giant.

In September 2022, Tesla launched Cyberwhistle, a limited-edition collectible inspired by its Cybertruck vehicle, which users can purchase only via Dogecoin.

Will Dogecoin rebound, then?

Traders have started ignoring Musk's celebrated association with Dogecoin, given their half-hearted reactions to his DOGE-related updates lately.

Instead, it appears that traders have been more focused on macro catalysts lately, primarily the Federal Reserve's back-to-back interest rate hikes that have put downward pressure on cryptocurrencies, stocks, and similar risk-on assets in 2022 and beyond.

The technical setups also suggest the same. For instance, on the weekly chart, DOGE/BTC now tests 307 satoshis as its interim support, given the level's history as a strong price floor since November 2021.

*DOGE/BTC weekly price chart. Source: TradingView*

A decisive break below 307 satoshis would have DOGE/BTC test its 200-week exponential moving average (200-week EMA; the blue wave) near 244 satoshis as its downside target in 2022 — a 20% decline.

A 40% decline against the dollar

DOGE price has been trending inside a broad descending channel against the U.S. dolla since it topped in May 2021, now eyeing its lower trendline as the next downside target.

The target appears to be in the range defined by $0.048 and $0.036, given these levels' history as support. Therefore, DOGE could drop by roughly 40% against the dollar in Q4 2022.

Dogecoin misses bullish target after Elon Musk snubs Twitter — what’s next for DOGE price?

July 13, 2022 Coin Telegraph

Altcoin

The Tesla and SpaceX CEO had flirted with the idea of adding DOGE payments to Twitter.

Dogecoin (DOGE) has missed a much-anticipated technical upside target and is down nearly 10% over the past week amid an ongoing spat between Elon Musk and Twitter.

Musk hurts DOGE price

To recap: Musk, whose companies Tesla, SpaceX, and Vegas Loop accept DOGE payments, had suggested introducing the same checkout option on Twitter this April.

Bitcoin spoofs a breakout while Dogecoin jumps on Elon Musk's Twitter takeover news. https://t.co/dlMH5u5jaf
— Cointelegraph (@Cointelegraph) April 25, 2022

Nonetheless, the Musk-Twitter deal has turned sour after the billionaire attempted to walk away from his $44 billion takeover bid. In response, the platform has sued Musk, alleging that his heart changed after suffering personal losses in the ongoing global market carnage.

Some Dogecoin traders had eyed Musk's Twitter takeover to stay bullish on DOGE/USD, considering the deal would boost the token's adoption across the platform's 330 million monthly active users.

#Dogecoin | The number of large transactions on the $DOGE network with a value greater than $100,000 just reached a four-month high at 2,400 transactions.

Such market behavior can act as a proxy for whales' activity, suggesting how they may be positioning for a big price move. pic.twitter.com/K49QfXFVYb
— Ali Martinez (@ali_charts) April 26, 2022

Dogecoin misses IH&S target

Dogecoin dropped by 19.5% after Musk called off the Twitter deal on July 8. In doing so, DOGE also invalidated its prevailing "inverse head and shoulders (IH&S)" pattern that could have pushed its price per token toward $0.112, as shown below.

*DOGE/USD daily price chart featuring IH&S pattern. Source: TradingView*

Bias conflict ahead

Dogecoin now holds above a multi-month "mid-channel support" near $0.06 while remaining indecisive for now, as shown in the chart below.

DOGE's price eyes $0.09 as the next target if it rallies decisively from the mid-channel support. The upside target coincides with the descending trendline (distribution level) that has been serving as resistance since May 2021.

Conversely, a break below the mid-channel support could have DOGE's price test $0.04 as its downside target, down 32% from today's price. This level coincides with another descending trendline (accumulation level) that has acted as support for Dogecoin's pric since April 2021.

DOGE days of summer: Shiba Inu gains 40% on Dogecoin two months after record lows

July 8, 2022 Coin Telegraph

Coin Telegraph

SHIB price remains at risk of falling further against DOGE due to weak technicals.

Shiba Inu (SHIB) has grown stronger against its top "memecoin" rival Dogecoin (DOGE) in the last two months, in part due to the token's periodic token burning events and a flurry of project announcements that promises to boost its utility.

Why is the SHIB price rallying?

In detail, SHIB/DOGE gained a little over 40% after bouncing from 0.0001120 on May 12, its lowest level on record.

*SHIB/USD four-hour price chart. Source: TradingView*

Coin burn is the most logical explanation behind SHIB's recent rally against DOGE.

The process involves sending SHIB tokens to a wallet without a master, i.e., removing them out of circulation permanently against the total one quadrillion supply (half of which were sent to Ethereum's co-founder Vitalik Buterin.

The Shiba Inu network has burnt more than 410 trillion SHIB tokens (~$4.5 billion at today's price) from its initial supply, according to data tracking portal ShibBurn.com.

*Shiba Inu supply. Source: ShibBurn.com*

Dogecoin does not boast a coin burn feature and comes with an uncapped supply. That could give traders a reason to accumulate SHIB over DOGE, primarily during a crypto bear market when almost all digital assets fall against the U.S. dollar.

JUST IN: $SHIB @Shibtoken is back on top 10 purchased tokens among 1000 biggest #ETH whales in the last 24hrs

Peep the top 100 whales here: https://t.co/jFn1zIOq03

(and hodl $BBW to see data for the top 1000!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/2o5A0yhHy4
— WhaleStats - BabyWhale ($BBW) (@WhaleStats) July 5, 2022

As a result, SHIB's losses against the U.S. dollar since May 12 stand around -7.5% versus DOGE's 17.5% losses in the same period.

*SHIB/USD versus DOGE/USD daily price chart. Source: TradingView*

The Shiba Inu ecosystem grows

Shiba Inu's launch came with a promise that it would be a better version of Dogecoin.

The project attempted so by offering some potential applications, such as smart contracts and an exclusive decentralized exchange called ShibaSwap that enables users to stake SHIB for "BONE" and "LEASH," two other tokens within the Shiba Inu ecosystem.

*ShibaSwap trading volume. Source: Nomics.com*

On July 6, Shiba Inu's pseudonymous developer Shytoshi Kusama (not to be confused with the blockchain project Kusama), teased followers with the launch of an "algorithmic stablecoin" called SHI, coupled with a reward token "TREAT" and a collectible card game for its metaverse.

On the other hand, Dogecoin has Elon Musk, the CEO of Tesla and SpaceX, who has already enabled DOGE payments at the companies' online merchandise stores and is playing with the idea of doing the same on Twitter.

Earlier this week, Musk's Boring Company also enabled Dogecoin payments for its Las Vegas transit system "Loop."

What's next for SHIB/DOGE

SHIB's ongoing rally against DOGE risks exhaustion due to a classic bearish reversal pattern.

Notably, SHIB/DOGE has been fluctuating inside a rising wedge, defined by two ascending, converging trendlines. Rising wedges typically resolves after the price breaks below their lower trendlines, accompanied by a rise in trading volume.

In theory, the breakdown move could pull the price to the level whose length is equal to the maximum distance between the wedge's upper and lower trendlines. The chart below shows SHIB/DOGE in a similar setup.

*SHIB/DOGE daily price chart featuring 'rising wedge' breakdown setup. Source: TradingView*

As a result, the pair risks falling to the 0.0001233-0.0001348 range depending on its breakdown point, a 15-20% drop from current price levels.

Dogecoin price could rally 20% in July with this bullish reversal pattern

June 27, 2022 Coin Telegraph

Altcoin

DOGE's bullish pattern has reached its profit target 79 out of a hundred times in its financial history.

Dogecoin (DOGE) looks ready to extend its rebound move despite the current crypto bear market.

79% chances DOGE will extend its rebound move

DOGE's price appears to have been painting a "bump-and-run-reversal (BARR) bottom" since May 11, a technical pattern that points to extended trend reversals in a bear market. It consists of three successful phases: Lead-In, Bump, and Run.

The "Lead-In phase" sees the price consolidating inside a narrow, sideways range, showing an interim bias conflict among investors.

That follows the "Bump phase," wherein the price drops and recovers sharply, leading to a price breakout, defined by the "Run phase."

*DOGE/USD daily price chart featuring 'BARR bottom' pattern. Source: TradingView*

Dogecoin appears to be in the Bump Phase while eyeing a breakout above the BARR bottom's falling trendline resistance. Suppose DOGE breaks above the said price ceiling. Then, as a rule of technical analysis, it would eye a run-up toward the BARR's origin level.

That puts DOGE's price en route to $0.0941, up over 20% from today's price. Notably, the upside target also coincides with the token's 50-week exponential moving average (50-week EMA; the blue line in the chart below).

*DOGE/USD weekly price chart featuring 50-week EMA. Source: TradingView*

BARR bottom has met its profit target 79% of all time, according to a report by veteran investor Thomas Bulkowski. Interestingly, the pattern's breakout stage typically yields an average 55% rise, meaning DOGE's potential to hit $0.123 remains on the cards.

DOGE price is bottoming out?

Dogecoin's run-up to $0.0941 might not have it escape its bearish trend owing to a flurry of technical and fundamental factors.

From the technical perspective, DOGE's price risks run into a "bull trap" as it trends upward (it has already rallied almost 60% in the last nine days). Notably, the coin's downside bias emerges due to a "rising wedge" pattern on its lower-timeframe charts.

In detail, DOGE has been in an uptrend inside a range defined by two ascending, contracting trendlines, thus making a rising wedge.

As a rule, this technical setup leads to a bearish reversal, confirmed when the price breaks below the wedge's trendline.

As it does, the price could fall by as much as the maximum distance between the wedge's upper and lower trendline.

*DOGE/USD four-hour price chart featuring 'rising wedge' setup. Source: TradingView*

DOGE's rising wedge's potential breakout points fall within the $0.07-$0.08 range. So, the token could fall toward the $0.05-$0.06 area if the wedge breakdown pans out as intended, down 15%-25% from current price levels.

Fundamentals, including the Federal Reserve's rate hikes and reduction of its $9 trillion balance sheet, support the technical downside outlook for the short to medium terms.

Meme Token King Dogecoin Lost 91% in Value Since Last Year’s High, DOGE Mining Revenue Plummets

June 12, 2022 Bitcoin.com

3 reasons why Dogecoin price can now gain 50% by September

April 29, 2022 Coin Telegraph

Coin Telegraph

Yes, Elon Musk's Twitter acquisition is one of them.

At least three market catalysts show that Dogecoin (DOGE) could climb by at least 50% by the end of Q3/2022.

Falling wedge breakout in play

Dogecoin has been painting a "falling wedge" pattern on its longer-timeframe charts since May 2021, hinting at potential for a bullish reversal in the coming months.

Falling Wedges appear when the price trends lower inside a range defined by two descending, converging trendlines. Their occurrence coincides with declining trade volumes, suggesting that trading activity slowed down due to the narrowing price range.

A break of the wedge to the upside, coupled with a rise in trading volumes, suggests the asset is breaking out. As a rule of technical analysis, a falling wedge breakout can push the price upward by as much as the maximum distance between the structure's upper and lower trendline.

Applying the classic theory to Dogecoin suggests that it would rise towards $0.40 if the breakout occurs near the $0.14-level, or about 190% above today's price.

At its worst, the falling wedge breakout could have DOGE's price rally a little over 50% to $0.21, given its breakout point comes to be near the apex around $0.75.

*DOGE/USD weekly price chart featuring 'falling wedge' setup. Source: TradingView*

Elon Musk's Twitter acquisition

Earlier this week, Twitter announced that it had accepted Elon Musk's bid to buy its social media platform for $4 billion. Dogecoin price reacted bullishly on the possibility that Musk would integrate DOGE as one of the official payment mediums for Twitter's subscription services, based on his recent recommendations to the company's board.

*DOGE/USD daily price chart featuring Musk's tweet. Source: TradingView*

Noelle Acheson, head of market insights at Genesis Global Trading, noted that DOGE's price rally gets its cues from "very much speculation," given Musk still has to confirm whether or not he would add a Dogecoin payment option on Twitter.

“But the possibility, even if it is remote, is enough to get traders excited about the potential gain in DOGE adoption," he told Bloomberg.

DOGE investors are getting excited

Musk's Twitter acquisition announcement on April 25 and its subsequent positive impact on Dogecoin prices, which rose by nearly 20% on the same day, coincided with a spike in retail and institutional interest.

For instance, internet queries for the keyword "buy Dogecoin" shot up by 392% on April 25, according to Google Trends. Meanwhile, the volume of on-chain DOGE transactions with a value exceeding $100,000 reached $2.59 billion on the same day.

"This is the highest volume since March 24, and represented 94% of the total volume," data analytics platform IntoTheBlock noted.

*Dogecoin on-chain transaction volume. Source: IntoTheBlock*

CryptoWallet.com, a cryptocurrency card service, also confirmed the same in an email statement to Cointelegraph, noting that "the online interest in buying Dogecoin skyrocketed to almost four times the average volume in one day due to Musk acquiring full ownership of Twitter."

DOGE's price fell by more than 12% on April 26. Nonetheless, the decline accompanied lower volumes than the previous day, suggesting weaker profit-taking sentiment.

Dogecoin price risks 40% correction despite Elon Musk-Twitter euphoria

April 26, 2022 Coin Telegraph

Analysis

Elon Musk buying Twitter for $44 billion boosts Dogecoin by 25% in the last 24 hours, but selloff risks persist.

Dogecoin (DOGE) prices flipped higher in the last 24 hours after its most celebrated backer Elon Musk purchased Twitter for $44 billion. At its best, Dogecoin had climbed to $0.17 on April 25, albeit still down 77% from its record high in May 2021.

Twitter's native currency: Dogecoin?

DOGE's price rose by nearly 25% to $0.15 on a 24-hour adjusted timeframe, confirming that traders considered Musk's acquisition of Twitter a bullish event for Dogecoin.

The reason: Musk's long-time support for DOGE, including his recent advice to the Twitter board that they start accepting the meme-crypto for Twitter Blue, their first-ever subscription service.

The comments appeared a year after Twitter revealed that it plans to double its revenues to $7.5 billion by the end of 2023, raising hopes Musk's 100% ownership of the company would have it facilitate its future sales through an additional DOGE payment option.

Elon acquires Twitter —> $DOGE becomes the currency of Twitter —> $1 $DOGE no longer a meme!

How does that sound ?
— Limbo (@CryptoLimbo_) April 25, 2022

In January, Musk's flagship company Tesla Motors started accepting Dogecoin, and only DOGE, for some of its merchandise.

DOGE price correction risks

Nevertheless, Dogecoin faces interim selloff risks following its impressive gains in the past 24 hours.

DOGE's price started correcting lower after re-testing a multi-month downward sloping trendline as resistance.

Interestingly, the line constitutes a descending channel pattern, which raised the possibility of DOGE extending its pullback move by another 35%-40% by the end of Q2, as illustrated in the chart below.

*DOGE/USD daily price chart featuring 'descending channel' setup. Source: TradingView*

The selloff risks toward the channel's lower trendline also remain elevated due to the 200-day exponential moving average (200-day EMA) wave near $0.16, which has been capping Dogecoin's upside attempts since November 2021.

*DOGE/USD daily price chart featuring Fib S/R levels. Source: TradingView*

Conversely, a strong upside continuation above the channel's upper trendline and the 200-day EMA would position DOGE's price for test of $0.20 in Q2. This key level also coincides with the 0.382 Fib line of the Fibonacci retracement graph, drawn from the $0.35-swing high to the $0.10-swing low.

DOGE price

Trader avoids new longs below $21,000

"Uptober" on track for sideways 7% gains

Elon Musk boosts Dogecoin price again

Shiba Inu, meme-coins follow DOGE

Dogecoin most overbought since April 2021

Elon Musk fuels Dogecoin rally again

DOGE price risks 20% correction

Dogecoin loses Musk-effect

Elon Musk's efforts to keep Dogecoin relevant

Will Dogecoin rebound, then?

A 40% decline against the dollar

Musk hurts DOGE price

Dogecoin misses IH&S target

Bias conflict ahead

Why is the SHIB price rallying?

The Shiba Inu ecosystem grows

What's next for SHIB/DOGE

79% chances DOGE will extend its rebound move

DOGE price is bottoming out?

Falling wedge breakout in play

Elon Musk's Twitter acquisition

DOGE investors are getting excited

Twitter's native currency: Dogecoin?

DOGE price correction risks

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