What is Dogecoin’s technical outlook as Musk teases Twitter payment again?

2022-11-3 22:21

After a 100% surge in a week, Dogecoin (DOGE/USD) is slowing down. As of press time, the cryptocurrency was trading down 9% in the last 24 hours. A broader look at the crypto sector shows a mixed market with negligible gains. Therefore, DOGE is sliding alongside other cryptocurrencies ahead of a crucial Fed meeting. However, Dogecoin fundamentals could continue to build, going by the recent developments.

Will Twitter accept Dogecoin as a form of payment? This has been an ongoing speculation for now. Yet again, Elon Musk, on November 1, gave the slightest hint that he could. The new Twitter boss posted a dog, synonymous with DOGE, wrapped on a Twitter-themed t-shirt. Although the tweet elicited more curiosity than answers, it gave an indication of the possibility. 

Another hint that DOGE could form the core of Twitter payment emerged on November 2. According to an announcement by Binance, the crypto exchange was launching a “Bluebird Index.” The index will comprise BNB, DOGE, and MASK. That comes after Binance helped Musk buy Twitter. The move raised speculations that Twitter was readying to accept DOGE as payment. 

Clearly, indications are that Twitter may accept DOGE as a payment method. The cryptocurrency has, therefore, been benefiting from the ongoing saga. Even as that unfolds, DOGE has slowed down. Does that suggest that the bubble has burst?

Dogecoin outlook as price retreats

Source – TradingView

On the technical side, DOGE is retreating after remaining in a strong bullish momentum. The correction reflects a mixed crypto outlook ahead of the US Fed rate announcement.

Besides, a strong week-long recovery could have forced investors to take profits at around $0.15. The level coincided with extremely overbought conditions, with an RSI reading of $93.

Should you buy DOGE?

Fundamentals are conspiring around the DOGE coin, and a potential bullish momentum could be unstoppable. Speculations of DOGE for Twitter payment will continue, with the meme coin investors keeping an eye. 

Nonetheless, investors should wait for the price to settle to buy lower. The potential support lies at $0.11 and next at $0.09. 

Where to buy DOGE

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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The post What is Dogecoin’s technical outlook as Musk teases Twitter payment again? appeared first on CoinJournal.

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$ 0.1559 (+0.19%)
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