Dogecoin Price Prediction as Elon Musk Reveals He is Considering Crypto Payments for Twitter – Can DOGE Hit $1?

cryptonews.com:

The dogecoin price has jumped by 8% today, rising to $0.092839 after reports yesterday that Twitter owner Elon Musk is determined to move ahead with integrating payments into the social network. DOGE is now up by 11% in a fortnight and by 32% following the news, with the market expecting that the meme token will be one of the chief beneficiaries of Twitter's crypto play.

The market has long expected that Twitter will one day see dogecoin payments, and if this expectation is realized, there's no doubt that DOGE will rally massively as a result. However, the latest reports make no explicit mention of dogecoin itself, and with Twitter also reportedly working on its own digital currency, there's no guarantee that the social network will embrace DOGE.

DOGE's chart makes it clear that the altcoin is enjoying a breakout rally right now, with its relative strength index (purple) rising to 70 as a result of rising momentum. At the same time, its 30-day moving average (red) has overtaken its 200-day average (blue), again indicating that a breakout -- of indeterminate duration -- is currently underway.

The main reason for today's raly is an article published yesterday on the Financial Times website, in which insiders tell the outlet that Twitter is accelerating its payment plans, with the social network already applying for regulatory licences across the US.

The report also mentions that Twitter's payment services will be "built so that crypto functionality could potentially be added at a later point." This is the only mention of cryptocurrency in the entire report, yet it was apparently enough to spark a dogecoin rally, with the coin reaching a 24-hour high of $0.095126, following a 24-hour low of $0.085494 (making for an 11% gain).

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