Dogecoin rebounds amid X Handle marketplace launch, surging 5% to $0.20 after weeks of decline. Traders are speculating that Elon Musk’s new marketplace for unused usernames could integrate Dogecoin payments, fueling renewed bullish sentiment.
Key Insights
- Dogecoin rose 5% to $0.20 after Elon Musk’s Handle marketplace launch.
- Traders are speculating about possible Dogecoin integration for payments.
- Market data shows that Dogecoin immediately registered $4.7M in liquidations and rising trading volume.
Dogecoin price climbed 5% to $0.20 after Elon Musk’s X launched its new Handle marketplace for unused usernames.
Traders rushed to react to the announcement, and this fueled speculation about a Dogecoin integration for payments on the Musk-led platform.
This is interesting because DOGE had spent most of October struggling after dropping from $0.27 on October 6 to $0.18 by mid-month. The rebound comes after two straight losing weeks and heavy liquidations across the crypto market.
Dogecoin Price Rebounds
The Handle marketplace allows subscribers to search for and purchase unused usernames. X also opened an official waitlist for interested users and is showing rising anticipation ahead of the full rollout.
While Musk has not confirmed any Dogecoin integration yet, the community quickly linked the project to DOGE’s future. Many traders see it as another step toward adding payments on the platform.
That speculation alone helped Dogecoin rise 11% after the news broke.
Musk’s connection with Dogecoin continues to be strong. His past tweets and public comments have often triggered strong DOGE movements. This latest reaction again shows how much influence the billionaire holds over the meme coin’s price behavior.
Dogecoin Traders React to Market Volatility
Data from Coinglass shows that open interest in Dogecoin derivatives rose 10.6% to $1.9 billion, while daily trading volume increased 6.2% to $4.6 billion. Traders now seem to be divided on where the price will go next.
Over the last 24 hours, liquidations reached $4.7 million according to Coinglass. Short traders made up 70% of those losses. This means that bears were caught off guard by the sudden rally. Long positions accounted for $1.4 million of the total.
Despite the bounce, the long-to-short ratio sits at 0.99 and shows that bearish traders still hold a strong presence. The market continues to be balanced, even though bulls seem to be gaining ground after a tough two weeks.
Dogecoin Market Outlook: Support and Resistance Levels
After sliding 35% earlier this month, Dogecoin rebounded nearly 12% from recent lows. It now trades near the middle Bollinger Band around $0.19–$0.20. This zone indicates that the coin has returned to a neutral range after heavy selling earlier in October.
The RSI currently stands at 40.7 while the average RSI sits near 42. Both remain below the neutral 50 level which means the market is still in recovery mode. Analysts see this as a sign that DOGE may need more consolidation before a clear breakout.
Volume has steadied around 154 million DOGE and is showing moderate accumulation among traders. A move above $0.22 could confirm a stronger uptrend and open a path toward $0.26–$0.28.
Though failing to hold above $0.18 might push prices back down to $0.16 support.
Musk’s History with Dogecoin Keeps Investors Watching
Musk has long been tied to Dogecoin’s popularity. His frequent mentions of the token have sparked rallies in the past and traders continue to follow his every move.
Even without direct confirmation of DOGE integration into Handles, the rumour alone has fired up optimism among holders.
Earlier this year, Musk briefly led a US government body called the Department of Government Agency (DOGE), which further strengthened his association with the cryptocurrency.
Even though he stepped down in May, his ongoing involvement in crypto discussions keeps Dogecoin in the spotlight.
Market Conditions Add Pressure to DOGE Price Action
Dogecoin’s recent performance hasn’t been isolated from global factors. The US government shutdown and a $1.2 billion wave of crypto liquidations weighed heavily on prices earlier in the month.
Those events dragged DOGE down from its October highs.
As the general crypto market stabilizes, Dogecoin appears to be entering a recovery phase.
Traders are watching whether Musk’s new marketplace can serve as a lasting catalyst or if the price jump fades once the excitement cools.
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