Dogecoin price has surged by almost 7 per cent in today’s trading session, extending yesterday’s strong and aggressive bullish trend, which resulted in a 6 per cent gain in the markets. The current price comes amidst reports of Twitter introducing a new feature called Tips which utilizes crypto and digital wallets.
The feature has been seen by many as a gateway to widespread Dogecoin use on the Twitter platform, especially at a time when Elon Musk’s Twitter acquisition nears. The reports also indicate Elon Musk proposed the option to see Twitter users able to pay for Twitter’s premium service, Twitter Blue, using Dogecoin.
The reports seem to have been received positively in the markets, which have seen the past two trading sessions rising by 13 per cent. For context, Musk has been a vivid supporter of Dogecoin, and the suggestion of expanding its usage on the Twitter platform, is likely to see Dogecoin gain traction with users and continue to grow.
However, another reason that might have contributed to the current surge in the value of Dogecoin is the rebounding cryptocurrency market. In today’s trading session, the industry’s market capitalization has surged by 7 per cent to hit $993 million. Normally, when the industry experiences such a surge, projects such as Dogecoin are also boosted in the markets due to their significant correlation with the industry.
Dogecoin Price prediction
The Dogecoin price is up by almost 7 per cent in today’s trading session. The surge in price follows a similar intraday session that resulted in a 6 per cent price gain during yesterday’s trading session. Looking at the chart below, it is possible that we are in the early stages of a bullish price reversal.
Therefore, I expect the current price surge to continue for the next few trading sessions. There is a high likelihood we might see prices rising to trade above the $0.080 price level in the next few trading sessions. However, a trade below yesterday’s price low of $0.059 will invalidate my bullish analysis.