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- Musk seeks to enable crypto payments on his self-owned social network.
- The McDonald’s proposal caused a stir.
- The volume swelled by more than 160%.
Late last year, Elon Musk took over the social media platform in a multi-billion-dollar deal. Since then, Twitter has focused on exploring ways to monetize and reimagine it as a social payment platform. Per the reports, the “master plan” to build the “everything app” includes peer-to-peer transactions with bank accounts and debit cards on the network.
Since Elon Musk is a big Dogecoin adherent and the community believes that any plan to incorporate payments on Twitter will certainly include the meme coin. The Financial Times report claims that Twitter has already filed a registration as a payments processor with the US Treasury. This may hint at, if approved, the Twitter “super app” could materialize prior to the expected date.
Given the occurrence, back in 2022, Musk took to Twitter to post about how he will eat a McDonald’s happy meal if the fast food chain accepted Dogecoin as a mode of payment. The DOGE community backed the proposal and waited for the company to accept Musk’s proposal. Musk recently reaffirmed that the offer still stands and breaks his prolonged silence.
Prices wag their tails
The DOGE prices have formed a rising parallel channel with a profit of 4% in intraday. The contained volume and rising OBV suggests present market scenario to be favorable. The EMA ribbon lies below the current price movement, forming a possibility of bullish crossover (green circle). If current prices of $0.093 can crack the channel formed, a rally may be set reaching near $0.115. This rally may occur near the approval day of the petition filed with the US Treasury.
The CMF moves closer to the zero-mark to indicate woke sellers who wish to profit from the rising prices. The MACD records descending buyer bars and the lines near a convergence as sellers try to gain control of the market. The RSI currently operates in the upper half to show subtle buyer influence.
A closer look
The smaller time frame shows DOGE climbing a step at a time. The CMF shoots up, tearing the baseline to mark the bullish momentum. The MACD records a tall buyer bar showing buyers gaining dominance. The RSI rests near the ceiling range to indicate the buyers’ pull.
Conclusion
The DOGE community is finally relieved as its biggest proponent broke his silence and hints at possibilities of working together on Twitter. The meme coin prices leaped and may continue till aiming to reach new ATH. The holders must watch for the resistance near $0.115.
Technical levels
Support levels: $0.068 and $0.057
Resistance levels: $0.115 and $0.142
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
