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X Payments Launch Set to Include DOGE: Crypto Community Prepares for New Heights

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  • Technical analysis shows a strong bullish trend for DOGE, but near-overbought RSI levels suggest potential for a price correction.
  • Broader crypto adoption and speculative predictions fuel hopes for Dogecoin’s use in X payments, despite official confirmation pending.

Elon Musk’s interest in Dogecoin is not new, and his ventures have historically influenced DOGE’s price and popularity. The news of X (formerly Twitter) obtaining payment processing and money transmitter licenses in additional US states has reignited speculation and hope within the cryptocurrency community about the potential for Dogecoin to be integrated into the platform for payments and tipping. 

Given Musk’s historical support for DOGE as a viable payment method, this development could significantly bolster Dogecoin’s use case, transitioning it from a “memecoin” to a more universally accepted digital currency for transactions on a major social media platform.

Recent Price Movements

The anticipation surrounding the integration of DOGE payments on X has led to a notable surge in Dogecoin’s price, jumping 44% from $0.1291 to $0.2 This price movement is backed by a substantial increase in trading volume and open interest, indicating growing investor interest and speculation on future price movements.

Source → TRadingview

The increase in open interest, specifically, suggests that traders are positioning themselves for further price volatility, likely betting on the news of X’s licensing and potential future announcements regarding DOGE payments.

Market Sentiment and Technical Analysis

The bullish trend in DOGE, as indicated by technical analyses such as the Keltner Channel bands and the Chaikin Money Flow, suggests strong buying pressure and investor confidence in the cryptocurrency’s near-term prospects.

DOGE/USD 24-hour price chart (source:TradingView)

However, the near-overbought levels on the RSI (Relative Strength Index) also warn of a potential price correction, should the buying pressure ease or if the market sentiment shifts.

Related: Tesla Incorporates Dogecoin as Payment Method and Dogecoin Bulk Movement Alert to Robinhood

Broader Cryptocurrency Adoption and Speculation

Comments from influencers and developers within the Dogecoin community, such as Mishaboar, highlight a broader trend towards cryptocurrency adoption in payment systems, suggesting that the integration of DOGE payments on X could occur sooner than many expect. 

However, these predictions remain speculative, especially without official confirmation from Musk or X regarding the integration of Dogecoin or any other cryptocurrency into the platform’s payment system.

The combination of Elon Musk’s influence, licensing achievements by X, speculative trader behavior, and broader trends in cryptocurrency adoption all point to a potentially pivotal moment for Dogecoin. 

Read more: Dogecoin (DOGE) Eyes $1 Price Target by Mid-April, Analysts Predict 6x Surge

While the short-term price movements reflect optimistic speculation, the long-term value and utility of DOGE will hinge on actual adoption for payments and transactions, not just on X but across the payment ecosystem. 

The developments discussed provide a strong foundation for this optimism, but as with all investments, especially in the volatile crypto market, there’s an inherent risk and uncertainty. Therefore, while the future looks promising for Dogecoin, much will depend on forthcoming developments and how they’re executed.

Dogecoin (DOGE-USD) current price is $0.212278, down $0.006873 or 3.13% in the last few hours. 

DOGE_1D_graph_coinmarketcap (1)
Source → Coinmarketcap

On the day, Dogecoin has ranged from $0.208911 to $0.224279, and its range in the last 52 weeks has been $0.057466 to $0.226581.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: [email protected] Phone: +49 160 92211628