- Elon Musk’s Halloween-themed Doge image last year boosted DOGE value by 27%.
- Musk’s company X is now authorized to handle cryptocurrency transactions.
- DOGE’s sustained value above $0.055 generates optimism among Dogecoin supporters.
In the previous year, Elon Musk made news with his Halloween-inspired Doge image featuring the Twitter bird. As a result, the DOGE value surged by more than 27% to a one-year peak of $0.1572 before encountering resistance. Following his $44 billion acquisition of Twitter, this action incited considerable conjecture. Furthermore, several individuals inferred a stronger relationship between Twitter and Dogecoin
Nonetheless, it has been a year since the last occurrence, and with Halloween nearing, those interested in cryptocurrency and DOGE supporters are becoming increasingly anxious. There is growing conjecture regarding the possibility of Musk executing another Halloween-themed strategy.
Twitter Payments’ License
Importantly, Musk’s foray into the cryptocurrency sector has become more noticeable following his acquisition of Twitter. Furthermore, Twitter Payments LLC obtained a license in Rhode Island on August 28. As a result, Musk’s company X, previously known as Twitter, is now authorized to handle cryptocurrency transactions in seven US states.
Notably, each approval of a new license has resulted in a significant increase in Dogecoin’s price. Additionally, there is increased expectation regarding the potential integration of Dogecoin into the X app for transaction processing.
DOGE/USD Technical Analysis
Despite the fluctuating market, Dogecoin’s value has consistently stayed above the critical $0.055 support level since June 2022. This level has been tested multiple times and indicates substantial purchasing interest. Based on past trends, these sideways movements after drops could imply a possible accumulation phase.
Furthermore, the present price of Dogecoin indicates a transition from a declining trend to a horizontal movement, highlighting its robustness.
Importantly, at the time of writing, DOGE was experiencing bullish momentum with a value of $0.05897, even though it had a bearish start to the day with a price drop to $0.05574. Considering the historical performance of the $0.055 support level in driving prices higher, buyers can break through the overhead trendline. As a result, this could pave the way for a 30% surge, aiming for the $0.0775 level.
Nonetheless, should the market sentiment lean towards bearish, inherent instability could push the price beneath its existing support level. Consequently, a weekly closure below this vital support may instigate a continued decline for Dogecoin.
The stochastic RSI value of 7.61 on the 24-hour price chart suggests that the DOGE market could be oversold. This level indicates a potential entry point for traders looking to enter the market at reduced prices. However, should the stochastic RSI exceed the oversold threshold, it could signify a probable trend shift and a surge in the DOGE market.
The DOGE market’s Chaikin Money Flow (CMF) is currently at -0.00, suggesting a lack of significant buying or selling pressure. This CMF value points to a period of market consolidation or uncertainty. However, should the CMF move into the positive range and start to rise, it could signal a surge in buying pressure, potentially indicating a bullish trend for the DOGE market.
In summary, the cryptocurrency community is anticipating Elon Musk’s forthcoming actions, with Halloween on the horizon. Concurrently, DOGE’s sustained value above $0.055 generates optimism and prudence among Dogecoin supporters.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
