DOGE Price Rockets As Twitter Partners with Etoro Boosting Crypto Trading Options

DOGE Price Rockets As Twitter Partners with Etoro Boosting Crypto Trading Options

Key Insights:

  • Dogecoin (DOGE) has increased by almost 6% as a result of Twitter's collaboration with eToro to provide users with cryptocurrency trading.
  • Twitter users will now have direct access to trading services for cryptocurrencies and other assets.
  • Dogecoin has found support around $0.08 and is doing pretty well above this line.
  • Bullish price targets are $0.1, $0.112 and $0.158
  • Bearish targets are $0.07 and $0.057 or lower

After Wednesday's low of $0.809, Dogecoin (DOGE) has increased by almost 6% as a result of Twitter's collaboration with eToro to provide cryptocurrency trading on the platform.

Elon Musk, the CEO of Twitter, has been one of the biggest and most vocal fans of the memecoin, DOGE.

The billionaire CEO has had a notable influence on the price action of the memecoin for years now and has frequently referred to it as one of his favourite cryptocurrencies.

Last week, Twitter momentarily changed its logo from that of the traditional bird to that of the dogecoin dog.

Dogecoin, of course, reacted to this and surged to the upside by almost 40% in less than a week.

The same has happened again, with the "crypto on Twitter" plans.

The only difference is that before today's price surge, Dogecoin was heavily bearish, and had fallen by almost 25% as the excitement over Twitter's logo change waned.

eToro Partners With Twitter

According to recent reports, Twitter users will now have direct access to trading services for cryptocurrencies and other assets thanks to cooperation between eToro and Twitter.

Users of Twitter will be able to search for "$Cashtags" like $TSLA or $BTC and check current values for cryptocurrencies, stocks, and other assets thanks to the new functionality. The collaboration will increase the number of financial instruments now covered by Twitter's live price charts.

According to internal data from Twitter, the top five searches for the $Cashtags feature included Tesla ($TSLA), Bitcoin ($BTC), SPDR, S&P 500 and ETF ($SPY). This feature will be global and accessible to Twitter users worldwide.

The $Cashtags Feature Expansion Is in Line with Twitter's Objective, and  Elon Musk, the owner of Twitter, has mentioned aspirations to include financial services into the system and develop a "super app" that can support both crypto and fiat currencies.

In fact, Twitter has merged with a front corporation named X Corp, according to a document from April 4. "Twitter, Inc. has been merged with X Corp. and no longer exists," the petition said.

Musk described this hypothetical "super app" as being similar to a virtual Town Square where users may share movies and make comments. As the public gains trust, payments in fiat or cryptocurrency can then be incorporated.

According to reports, Musk is also investing tens of millions in a Twitter artificial intelligence (AI) project.

How Is Dogecoin Reacting?

Dogecoin has managed to stay above the $0.08 zone since the 40% rise that followed Twitter's logo change a while ago.

In fact, a look at the charts shows that the cryptocurrency has managed to find support around $0.08, and is doing pretty well above this line as illustrated below. For now, at least.

<em>Chart showing the price action of Dogecoin on the daily chart</em>
Chart showing the price action of Dogecoin on the daily chart

According to the chart, the bearishness over the first half of the week brought the cryptocurrency's price into a retest of the $0.08 zone on Wednesday.

Dogecoin promptly reacted to the latest development between eToro and Twitter, bouncing off this support and rising as high as $0.09.

The failure of the cryptocurrency's bears to push it below the $0.07 zone may be what drives Dogecoin into a retest of the $0.1 zone, and a potential breakout.

<em>Chart showing the possible price action of Dogecoin</em>
Chart showing the possible price action of Dogecoin

Dogecoin's RSI on the daily chart is starting to break above the neutral zone and currently sits at 57.57 at the time of writing.

Overall, an ascending channel can be drawn on Dogecoin's daily perspective, coinciding with the $0.08 zone.

If the Dogecoin bears fail to push the cryptocurrency into a break below this zone, Dogecoin is expected to retest and potentially break through $0.1.

On the contrary, however, if Dogecoin breaks through $0.08 to the bottom, it also breaks through its 20-day simple moving average.

This means that the cryptocurrency will likely go straight down and retest $0.07, or lower to $0.057.

Bullish Price Targets

Dogecoin's rebound from the $0.08 zone is a good sign and means that the bullish targets for the cryptocurrency are:

<em>Chart showing Dogecoin bullish targets</em>
Chart showing Dogecoin bullish targets
  • $0.1
  • $0.112
  • Further up to $0.158 (its local peak from November 2022)

Bearish Price Targets

If dogecoin breaks through $0.08 to the bottom, the bearish price targets are:

Chart showing Dogecoin's bearish targets
Chart showing Dogecoin's bearish targets
  • $0.07
  • $0.057

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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