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Dogecoin as a payment method – Will Musk integrate DOGE into Twitter?



 Elon Musk is a vocal supporter and fan of Dogecoin, which has caused wild price swings in the market over the past year. The price rally peaked in May 2021 and since then DOGE has been in correction mode.


In between, however, Musk always managed to bring Dogecoin directly or indirectly into the conversation, which was partly reflected directly on the market. Most recently, the DOGE price jumped to $0.17 when it became known that Musk would buy Twitter as planned. The reason for the price jump is the hope that the new holder could integrate the Dogecoin with the social media platform.


This idea is not unreasonable, because even at Tesla you can at least buy merchandise in the online shop with Dogecoin. Since Musk recently thought publicly about introducing a subscription model on Twitter, there is already a tangible starting point for what the “ mass adoption ” of the Dogecoin could look like.


Stubborn resistance levels

However, from a technical point of view, there is no reason to be bullish just yet, because at $0.17 and $0.195 there are two stubborn resistances that have to be broken first. Should Musk indeed pursue plans regarding Twitter and Dogecoin, then that could well be the necessary catalyst for a bullish launch that could accomplish both.


The last two breakout attempts in April failed just before reaching the 200 MA line. If the price is above this on the daily chart, this would generally be another bullish signal. This allows the first criteria to be formulated as to the conditions under which Dogecoin could experience a trend reversal.


Still, betting on Musk's support remains a double-edged sword. As the recent price swing shows, hype can only be short-lived. Also, historically, Dogecoin has always experienced a full retrace after a bull run. So if history were to repeat itself, there would still be plenty of room to go south, as the price rally started at $0.009 in January 2021.

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