Dogecoin Rallies By 21% As Elon Musk’s Twitter Deal Nears Completion

Twitter icon  •  Published il y a 3 mois  •  Hassan Maishera

Dogecoin is up by more than 21% today after news emerged that Elon Musk is close to completing his $44 billion Twitter acquisition.

DOGE, the native coin of the Dogecoin ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap today. The coin has added more than 20% to its value in the last 24 hours, outperforming the other leading cryptocurrencies.

The rally comes as the broader crypto market continues its excellent performance this week. The total market cap is now above $1 trillion for the first time in nearly two months after adding more than 3% to its value.

Bitcoin is trading close to the $21k resistance level after adding 3% to its value today. Ether is also trading above $1,500 per coin, up by nearly 5% in the last 24 hours.

Why Is DOGE Pumping?

Dogecoin’s rally comes after news emerged that Elon Musk’s Twitter deal is now close to completion. The world’s richest man is set to acquire social media platform Twitter in a deal worth around $44 billion.

Musk has shown his admiration for DOGE on numerous occasions in the past and once stated that Dogecoin could become the currency of the internet. With his acquisition of Twitter, many in the crypto space expect Musk to adopt DOGE as a payment option on the social media platform. 

If that happens, Dogecoin’s adoption will rapidly increase, and result in a price surge for the cryptocurrency.

DOGE Technical Analysis

The DOGE/USD 4-hour chart is bullish as Dogecoin has been performing excellently over the past 24 hours. Dogecoin’s technical indicator shows that it is outperforming the broader crypto market.

DOGE/USD 4-hour chart by TradingView

The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 92 also shows that DOGE is currently in the overbought region.

At press time, DOGE is trading at $0.07981. If the bullish trend continues, DOGE could surge past the first major resistance level at $0.08934 before the end of the day.

However, it would need the support of the broader market to reach the $0.1 resistance level for the first time since May 2022. 

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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