Dogecoin gains 13% amid comments from Elon Musk

The most famous meme cryptocurrency, Dogecoin, is currently gaining 13%. Yesterday, Elon Musk made a reference to the PayPal logo, stating that the history of 'X' will come full circle. This triggered a flurry of speculation about the possible implementation of cryptocurrency payments on X, a topic that has been discussed for some time. Musk himself suggested that ultimately, X will also offer payments and become a 'complete platform.' Crypto exchange Kraken quickly responded to Musk's comment, encouraging him to make a decision. Dogecoin, which has been associated with Elon Musk from the beginning and was created by a team of Tesla employees, could potentially benefit from such a scenario. This brings back memories of 2020-2021, when Musk's comments 'shook' the crypto market, causing price changes in Bitcoin and other projects, like the aforementioned DOGE.

Dogecoin (M1)

On a short-term interval, we see that demand may have encountered resistance after the price repeatedly met strong supply in the range of 0.217 - 0.220 USD, forming a potential head and shoulders pattern (H&S). Currently, about 85% of Dogecoin investors are recording profits, and data from Sentiment indicates possible selling pressure from long-term holders. On the other hand, it seems that Doge remains sensitive to further comments and decisions from X, with a possible speculative rally in the event of the implementation of crypto technology with the X social media portal system.

Source: xStation5