Cryptocurrencies have seen an impressive rally, with Dogecoin surging 7% in the past 24 hours as traders begin to see a trend towards $1 for Dogecoin. The leading meme coin has rebounded strongly from Monday’s market crash. It is on track for significant gains this year.

Positive sentiment could drive the asset’s subsequent moves. Specifically, DOGE’s continued association with Elon Musk and his X platform is a dream come true for some investors. The question is, can the asset take full advantage of any upcoming surge?

DOGE to $1? Its incredible comeback sparks new hope

The memecoin industry was hit hard by the massive market crash at the beginning of this week. However, the recovery has been impressive. The best rebound was by Dogecoin, which rose by as much as 7%, reigniting the $1 dream for Dogecoin holders.

The asset is currently trading at $0.10, still down more than 9% over the past seven days, according to CoinMarketCap. Despite the drop in trading volume, DOGE’s market capitalization has grown by more than 6% and currently stands at over $15.14 billion.

The coin will face a multi-year resistance zone between current levels and $0.09, which has been a strong support level for it. The recent inflow of funds will only strengthen this figure. Moreover, the relative strength index (RSI) has surpassed 50. This indicates that a bullish shift is about to take place.

However, external factors could also provide the impetus for a sharp rise. A cryptocurrency trader named Byzantine General on X (formerly Twitter) discussed the possibility of bringing the leading meme coin to the social media platform.

The platform launched X Payments accounts on Thursday. This fact alone has already seen the value of DOGE and Floki Inu rise, but this could be just the beginning. “If Elon really does make DOGE or another meme coin a payment method, then we are in for the craziest dogecoin (or meme coin in general) season ever,” the user said.

This statement may not be denied. In fact, Musk has long been regarded as the "father of Dogecoin." Integration does seem possible. However, he recently publicly expressed his disinterest in the asset class. This may hinder the platform's potential use of Dogecoin.