Dogecoin Price Prediction as Elon Musk Puts Doge Symbol in His Twitter Bio – Can DOGE Hit $1 This Year?

cryptonews.com:

The price of Dogecoin (DOGE) has gained by 1.5% in the past 24 hours, climbing to $0.078600 after Twitter rebranded to 'X' and Elon Musk put the cryptocurrency's logo in his bio on the social network.

While these two developments occurred a couple of days ago now, the momentum they caused has continued to boost DOGE, which is up by 14% in the past week and by 18% in the last 30 days.

And with Twitter's rebranding suggesting that DOGE and/or cryptocurrency payments on the social network may not be far away, the meme token could be in for even bigger gains in the not-too distant future.

DOGE's chart suggests that the coin may be about to correct after its growth earlier in the week, with its relative strength index (purple) beginning to fall after passing 70 a couple of days ago.

This suggests a loss of momentum, and while DOGE's 30-day moving average (yellow) remains comfortably above its 200-day (blue), it's at a high enough level to suggest that it should begin falling very soon.

And the fall could be relatively large, given that DOGE's current price is a long way above its medium-term support level (green).

Still, the sentiment surrounding DOGE at the moment remains positive, given Twitter's aforementioned name change and Musk's latest nod to the meme token.

Twitter's rebrand to 'X' is only the latest step in Musk's long-term plans to transform the social network into a kind of 'everything-app', with which users can not only post tweets but buy goods and transfer funds.

Indeed, the entrepreneur's purchase of Twitter was intended to lead to such a transition from the very beginning, as highlighted in the tweet below, whcih was from October 2022.

And as part of this transition, observers expect X to introduce cryptocurrency