The price of Dogecoin could potentially reach $1 if Elon Musk's X platform decides to implement payments in DOGE. This possibility comes at a time when Dogecoin is breaking out of its downward trend, creating an optimistic signal in the market.
Dogecoin Breaks Out of a Wedge Pattern
Dogecoin's price has just broken out of a wedge pattern that lasted for the last 5 months, indicating that the correction phase might be ending. If #DOGE payments are integrated into X, demand for the cryptocurrency could significantly increase, potentially pushing its price closer to the $1 mark.
Technical Indicators Suggest Support
Technical indicators, such as the 20- and 50-day exponential moving averages (EMA), offer suitable support for potential pullbacks, suggesting that investors might find opportunities to buy during dips.
DOGE Prepares for Bigger Moves
Dogecoin, one of the largest cryptocurrencies by market capitalization, has recently held steady around the $0.091 level. The market speculates that this consolidation could mark a bottom for Dogecoin, especially amidst a broader market rebound and the U.S. Federal Reserve's 0.5% interest rate cut.
Elon Musk's Influence on DOGE
Another factor driving expectations of Dogecoin's rise is Elon Musk’s active support for the cryptocurrency. The market is speculating about how high DOGE could soar if Musk’s platform X, formerly known as Twitter, officially accepts DOGE as a payment method.
How High Could Dogecoin’s Price Go?
Elon Musk’s influence on Dogecoin’s value is undeniable. Since acquiring Twitter, now rebranded as X, speculation has circulated about his plans to integrate cryptocurrency payments, with Dogecoin being at the forefront. Should DOGE payments be implemented on X, demand for the token would likely surge.
It is expected that within the first 48 hours after such an announcement, Dogecoin’s price could rise by 20–30%, similar to the surge in May 2024 when Musk allowed DOGE payments for select Tesla products.
Increased Demand and Price Growth Potential
With increased utility for DOGE on the X platform, transaction volume and network activity would grow, leading to greater liquidity and sustained demand for the cryptocurrency. If #Dogecoin becomes a native payment option on X, the coin’s price could quickly recover to $0.73 and even attempt to break through the $1 barrier.
DOGE Escapes the Downtrend
In the past three weeks, Dogecoin’s price surged from $0.0889 to $0.107, marking a 20% increase. This growth also resulted in the breakout of key technical levels, including the 20- and 500-day EMAs. The decisive breakout occurred on September 13, when Dogecoin definitively broke free from the falling wedge pattern.
What to Expect Next?
If the buying pressure continues, investors might face resistance at the $0.115 level, followed by a barrier at $0.144. However, if Dogecoin’s price fails to maintain support above the 20-day EMA, sellers could push the asset back into the wedge pattern, retesting lower support at $0.91.
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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
