dogecoin (DOGE) the price has risen today because traders are speculating about its addition to Twitter's Renowned Social Media Platform nicknamed "X".
DOGE Price Hits May 2023 High
On July 25, the DOGE price rose nearly 5.5% to $0.078, its highest level in two months.
The token's intraday gains came as part of a weekly rally that began two days ago when Elon Musk renamed Twitter to X while adding the DOGE symbol to his biography.
Since then, Dogecoin is up more than 11%, similar to his previous bullish reactions to Musk's pro-dogecoin statements.
On July 25, Musk revealed X as an "everything app," with a special focus on financial services.
Twitter was acquired by X Corp both to ensure free speech and to speed up X, the app for everything. This is not just a company rebranding itself, but doing the same.
The Twitter name made sense when it was just 140-character messages going back and forth, like...
That has led some analysts to believe the billionaire entrepreneur would add a DOGE payment option to X, more than a year after flirting with the idea. during an interaction on social media.
โJust watch Elon Musk fool everyone by making DOGE the first crypto to be used on platform Xโ, David Gokhshtein, founder of Gokhshtein Media, he claimed.
DOGE bears liquidated
The Dogecoin price rally has triggered over $6 million worth of short liquidations since July 24, representing around 60% of total liquidated positions.
Short sellers exit their positions with buy orders, which drives prices up. That further shows why the Dogecoin price rose on July 25. However, DOGE's open interest-weighted funding rate has slipped into negative territory, showing that the bears are paying the bulls to keep their positions open.
That shows that most derivatives traders have turned bearish towards the Dogecoin market despite its continued price rally.
Dogecoin Price Analysis 2023
From a technical point of view, the DOGE price has entered the breakout stage of its Hits and Marches Prevailing Mutual Fund Patternwith a price target of around $0.88, up around 15%, for September 2023.
Conversely, a bearish scenario implies Dogecoin entering a short-term correction as its daily Relative Strength Index approaches 70, an overbought area, and its price tests $0.078 as resistance. The $0.078 level was instrumental in limiting DOGE's bullish attempts in March 2023.
Related: Dogecoin Skyrocketed 23,000% in 2021 โ Is History Starting to Repeat for the DOGE Price?
In this case, DOGE's immediate downside price target appears to be around $0.073 for July, coinciding with its 0.382 Fibonacci line of the Fibonacci retracement chart.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
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