DOGE's Rollercoaster Ride: Will Twitter Payments Send It Soaring Again?
Source: TradingViewHello steemians, welcome to my blog! Today, I will be sharing some insights on Dogecoin's current price trend and its future prospects.
In the past 24 hours , Dogecoin has seen a 2% drop in its price, falling to $0.080528. This is a part of a wider market dip where many other major tokens have also seen losses. However, the recent news of Philippines based exchange Coins.ph listing Dogecoin has sparked hopes of a possible rally in the future . Additionally, the expectation of Twitter integrating DOGE based payments has further increased optimism for the cryptocurrency .
Despite the current downward trend, DOGE's indicators suggest that it may not fall too far before it begins to rise again. Its relative strength index (RSI) has dropped to almost 40, indicating that it still has some way left to fall before becoming oversold. Meanwhile, its 30-day moving average (red) is sinking towards its 200-day average (blue), although it may take some more time before it drops below the longer-term indicator.
In terms of support levels, a drop below $0.08 could signal further losses, although DOGE has not been below this price since the start of the year. While bigger investors may be selling their DOGE, the future still looks good for the meme token.
The expectation of Twitter introducing cryptocurrency payments, including payments in DOGE, has received considerable attention. The recent Financial Times article showing Twitter moving ahead with its digital payment plans, and Elon Musk's constant cheerleading for DOGE, have further fueled this expectation.
Without significant Twitter-related news, experts predict an end of year. target for DOGE of $0.13, as suggested by a recent report by crypto-exchange Changelly. This may seem unambitious, but it would still earn traders a 49% profit if they purchased alt-coin now.
In conclusion , DOGE may see some short term losses before bouncing back . However, the possibility of Twitter integrating DOGE based payments and the increasing adoption of the meme token by exchanges suggest a positive outlook for the cryptocurrency in the long run . As with any investment, it is important to do your own research and assess your risk tolerance before making any decision.
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