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Dogecoin price jumps 40% on Elon Musk, Twitter’s crypto wallet rumors

Dogecoin price jumps 40% on Elon Musk, Twitter’s crypto wallet rumors

Elon Musk fuels Dogecoin rally again:

DOGE’s price rose to $0.081 on October 27. The price surged about 40% two days after Jane Manchun Wong, a popular tech blogger, claimed Twitter was working on a prototype wallet that supports cryptocurrency deposits and withdrawals. Elon Musk is the thread that connects Dogecoin and Twitter.

Earlier this year, the CEO of Tesla and SpaceX won the bid to buy Twitter for $44 billion. Later, on April 11, he flirted with the idea of ​​adding Dogecoin as a payment method for the subscription service Twitter Blue. DOGE price surged 30% to $0.17 within ten days of Musk’s pro-crypto tip to the Twitter board. But the meme token fell drastically after that, reaching $0.05 in June; Musk tried to back out of the deal, citing concerns about Twitter’s audience. Twitter then sued Musk, which ultimately resulted in the court ruling in his favor. Chancellor Kathaleen McCormick, the judge overseeing the litigation, dismissed Musk’s attempts to delay the trial and said the deal should be finalized by 5 P.M. m. ET on October 28. Musk changed his Twitter bio to “Head of Twit” in October.

26, followed by a personal visit to Twitter headquarters the same day. This raised expectations that Musk would finalize the deal before the court deadline, paving the way for Dogecoin to become an integral part of the Twitter platform.

DOGE price risks 20% correction 

From a technical standpoint, Dogecoin’s recovery shows signs of exhaustion as its price tests a strong resistance confluence. 

On the three-day chart, the confluence comprises three resistance levels: a multi-month descending trendline, the 50-3D exponential moving average (the red wave), and a horizontal level around $0.08, as shown below.

Given DOGE’s immediate correction after testing these resistance levels, the likelihood of the token going lower seems high. Meanwhile, its downside target is close to the uptrend line, which has served as support for the past few months. This puts DOGE’s price at about $0.06 in Q4 2022, about 20 below its current price. See also: How long will the bear market last?

Signs of a Reversal in the Crypto Market Conversely, a decisive break above the confluence of resistance could see DOGE target the 200-3D EMA (the blue wave) near $0.11 as its next upside target. In other words, a 50% boom over current price levels.

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