Rumors are buzzing about the potential integration of Dogecoin (DOGE) into X’s new peer-to-peer payments feature. The DOGE price, currently locked in a corrective pattern, faced rejection from its resistance trend line just yesterday.
Dogecoin’s Breakout Journey and Retest
Looking at the weekly chart, DOGE has been under a descending resistance trend line since October 2022. After a 400-day struggle, Dogecoin finally broke out in November 2023, hitting a high of $0.107 the following month. However, the excitement was short-lived as DOGE retraced. Come January 2024, it revisited the trend line, confirming it as support and bouncing back.
Traders are keeping a close eye on the Relative Strength Index (RSI) as an indicator of market momentum. An RSI reading above 50 in an upward-trending market favors the bulls, and currently, the weekly RSI has bounced at 50 and is on the rise, signaling a bullish trend.
Insights from Analysts and Traders
Analysts and traders on X are expressing strong optimism about DOGE’s future, primarily due to X creating a dedicated account for payments on its platform. The speculation is rife that DOGE might become the go-to cryptocurrency for transactions within the X platform.
CryptoGodJohn confidently tweeted about the breakout and retest being complete, pointing to a potential upward move. The Birb Nest and Pepa are also bullish, with the latter predicting a $10 price for DOGE. Cevo emphasizes that now is the best time to own DOGE, anticipating a bullish scenario when it becomes the main currency for X Payments.
DOGE Price Prediction: Breaking Out or Breaking Down?
While the weekly outlook paints a bullish picture, daily readings present a different story. The price action and RSI on the daily chart show DOGE back within an ascending parallel channel that has been in place since June 2023. Despite breaking out in December, the increase wasn’t sustained, and the price fell below the resistance trend line at the beginning of the year.
The daily RSI is at 50, indicating an undecided trend. Whether DOGE breaks out from the channel, triggering a potential 40% price increase to $0.118, or continues rejecting and faces a 27% drop to $0.060, will likely determine its future trend.
In the unpredictable world of cryptocurrency, all eyes are on Dogecoin and its potential role in X Payments. Let’s see if it’s ready for a significant leap or if it faces another correction in the ever-changing crypto landscape.
