- Dogecoin price is trading with a bullish bias courtesy of Twitter's latest announcement.
- DOGE could rise 20% to regain December highs around $0.104.
- A daily candlestick close below the 200-day EMA could invalidate the bullish thesis.
Dogecoin price (DOGE) is trading with a bullish bias, sitting atop key supplier congestion zones as bulls ride the hype of Twitter's latest announcement. The giant meme coin is recovering from the aftermath of a recent move to restore Twitter's home button from a Shiba Inu dog to the traditional bird logo. This, coupled with the Bitcoin dominance effect, could help sustain the uptrend for DOGE.
Dogecoin price soars on the Twitter announcement
Dogecoin price is on course to rake in more gains for investors thanks to the latest announcement by Twitter. In a recent development, the giant social media platform has signed a partnership with the trading platform eToro to enable crypto and stock trading in the app.
Very excited to be launching a new $Cashtags partnership with @Twitter which will enable Twitter users to see real-time prices for a much wider range of stocks, crypto & other assets as well as having the option to invest through eToro. @elonmusk https://t.co/Iv2q9iNxbf— eToro (@eToro) April 13, 2023
Twitter CEO Elon Musk appears to be doubling down on his commitment to transform Twitter into a "super app" where users can access a variety of services, including travel, banking, and instant messaging.
The move is an enabler for crypto adoption and a boost for Dogecoin price. It will see Twitter users enjoy access to stocks, cryptocurrencies, and other financial assets. Notably, Twitter integrated pricing data for its "Cashtags" feature in December 2022 alongside a Dogecoin Cashtag. The move came much to the delight of the DOGE community.
With the latest development, a new feature on the Twitter app will allow users to watch market charts on various financial instruments. They can also buy and sell stocks and other assets via eToro. Courtesy of Twitter's Cashtags feature, you can observe real-time trading data from TradingView.
Thanks to the eToro partnership, Twitter Cashtags will henceforth capture a more expansive range of securities and asset classes.
Dogecoin price coils up for a 20% breakout
Dogecoin price is up 6% in the last 24 hours, with all signs pointing to a continued rally. The meme coin is sitting on strong downward support due to the 200-day Exponential Moving Average (EMA) at $0.082 and the base confluence between the 100- and 50-day EMAs at $0.080.
Notice a pending bullish cross on the one-day chart below, which will be authenticated once the 50-day EMA crosses above the 100-day EMA. A bullish cross happens when a faster-moving average crosses above a slower-moving average, in this case, the 50- and 100-day EMAs, respectively.
The bullish thesis for DOGE is also supported by the Relative Strength Index (RSI), which was about to send a 'call to buy' once it crossed above the Stochastic RSI (yellow). If traders heed these bullish calls, Dogecoin price could rise higher, shattering the immediate barricade at $0.089 before a neck up to the $0.104 resistance level. Such a move would denote a 20% climb from the current level.
DOGE/USDT 1-day chart
Conversely, if DOGE holders start booking profits early, Dogecoin price could drop, first losing the support provided by the three EMAs, denying the bullish scenario.
In the dire case, the Dogecoin price could fall back to the March 10 lows around the $0.068 support level before a possible bounce.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.