Dogecoin Soars To 3-Year Peak Amid Elon Musks X Payment Integration Buzz
- Dogecoin hits 3-year high at $0.48, fueled by speculation around Elon Musks X platform and potential X Payments.
- Analysts predict Dogecoins price could reach $1 by Q1 2025, with long-term Fibonacci targets between $2.90 and $3.60.
- Investors eye Dogecoin as trading volume hits $15.4B in one day, cementing its role in Musks evolving digital ecosystem.
Dogecoin (DOGE) has hit a three-year high of $0.48 on November 23rd with a 20% gain in the past week and a staggering 219% gain in the last month. This fast adoption has made DOGE be the third most traded cryptocurrency with a trading volume of $15.40 billion in one day. The increase has attracted the interest of investors and analysts, with many suspecting that the increase is directly linked to events around Elon Musks social media platform X.
The most recent increase in price can be mainly attributed to the rumors regarding the new social media platform of Elon Musk, the X platform. This new symbol which is unique to Xs tipping feature has given rise to a lot of speculations that X Payments is on the way. This has seen many people think that DOGE could be at the center of this new payment system, a notion that has created a lot of interest among investors.
Dogecoins Growth Predictions
Based on technical analysis, analysts are bullish on Dogecoin and they have reason to be as shown by specific price levels and patterns. Javon Marks, an analyst, pointed out that the price of $0.43 was a critical break out point. In his assessment, backed by the Relative Strength Index (RSI) and the 50-day Exponential Moving Average (EMA), Dogecoin is expected to rise further. Dogecoin might be expected to continue growing. The price of the token will be between $0.65 and $1.25, depending on market conditions.
Another chart pattern analyst Tardigrade is also optimistic. He expounded on the creation of a high-tight flag, which is a very special and extremely bullish and a rather rare pattern that usually precedes a strong upward move in the price. Tardigrade has robustly claimed that Dogecoin is poised to hit $1 and said that the crypto will only go up from there.
Key Resistance and Growth Levels
At the time of writing, the price of Dogecoin is $0.4344, and within the last 24 hours, the currency has decreased by 3.34%. If DOGE manages to break the $0.73 barrier, it could go as high as $1 by the end of Q1 2025. In addition, on the cryptocurrencys monthly chart, Fibonacci highlights long-term targets at $2.90 and $3.60, which is good news for investors.
Source: TradingView
This spike occurs at the same time as there is increased rumor that Dogecoin may be included in Musks digital portfolio. Elon Musk is a big advocate of the cryptocurrency, and many investors view DOGE as a significant part of the future of developments with X and its potential payment systems.
With Dogecoin still rising, the future looks more and more promising for this currency. Many people are watching its next steps and believe that this might just be the start of another big bull run for the meme cryptocurrency. Given the current interest and the trading volume, there seems to be no stopping to how high Dogecoin can possibly go.
Read more: https://www.tronweekly.com/dogecoin-soars-to-3-year-peak-amid-elon-musks/
Text source: TronWeekly
