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Why is Dogecoin price up today?


Dogecoin (DOGE) worth is up right this moment as merchants speculate about its addition to Twitter’s rebranded social media platform dubbed “X.”

DOGE worth hits Could 2023 excessive

On July 25, DOGE worth climbed practically 5.5% to $0.078, its highest stage in two months.

The token’s intraday beneficial properties got here as part of a weekly rally that began two days in the past when Elon Musk rebranded Twitter to X whereas adding the DOGE symbol to his bio. 

Since then, Dogecoin has jumped over 11%, akin to its previous bullish reactions to Musk’s pro-dogecoin statements.

DOGE/USD daily price chart. Source: TradingView

On July 25, Musk revealed X as an “everything app,” with a special focus on financial services.

That has prompted some analysts to imagine that the billionaire entrepreneur would add a DOGE cost possibility on X — greater than a 12 months after flirting with the concept during a social media interaction.

“Simply watch Elon Musk troll everybody by making DOGE the primary crypto for use on the X platform,” David Gokhshtein, the founding father of Gokhshtein Media, asserted.

DOGE bears liquidated

The Dogecoin worth rally has triggered greater than $6 million value of quick liquidations since July 24, comprising round 60% of the full positions liquidated.

Dogecoin whole liquidations chart. Supply: TradingView

Brief sellers exit their positions with purchase orders, thus pushing the costs increased. That additional exhibits why the Dogecoin worth rose on July 25. Nonetheless, DOGE’s open interest-weighted funding price has slipped into the unfavorable territory, displaying bears are paying bulls to maintain their positions open.

That exhibits most spinoff merchants have turned bearish towards the Dogecoin market regardless of its ongoing worth rally.

DOGE OI-weighted funding price. Supply: Coinglass

Dogecoin worth evaluation 2023

From a technical standpoint, the DOGE worth has entered the breakout stage of its prevailing bump-and-run-reversal bottom pattern, with a worth goal of round $0.88, up round 15%, by September 2023. 

DOGE/USD each day worth chart. Supply: TradingView

Conversely, a bearish state of affairs entails Dogecoin coming into a short-term correction as its each day relative energy index nears 70, an overbought space, and its worth assessments $0.078 as resistance. The $0.078 stage was instrumental in capping DOGE’s upside makes an attempt in March 2023.

Associated: Dogecoin soared 23,000% in 2021 — Is history starting to repeat for DOGE price?

On this case, DOGE worth’s quick draw back goal seems to be round $0.073 for July, coinciding with its 0.382 Fib line of the Fibonacci retracement graph.

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.