Dogecoin (USD<\/a>) price is up today as traders speculate about its addition to Twitter’s rebranded social media platform<\/a> dubbed “X.”<\/p>\n On July 25, the DOGE price climbed nearly 5.5% to $0.078, its highest level in two months. <\/p>\n The token’s intraday gains came as a part of a weekly rally that started two days ago when Elon Musk rebranded Twitter to X while adding the DOGE symbol<\/a> to his bio. <\/p>\n Since then, Dogecoin has jumped over 11%, akin to its previous bullish reactions to Musk’s pro-dogecoin statements.<\/p>\n On July 25, Musk revealed X as an “everything app,” with a special focus on financial services.<\/p>\n Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.<\/p>\n The Twitter name made sense when it was just 140 character messages going back and forth \u2013 like\u2026<\/p>\n \u2014 Elon Musk (@elonmusk) July 25, 2023<\/a><\/p><\/blockquote>\n That has prompted some analysts to believe that the billionaire entrepreneur would add a DOGE payment option on X \u2014 more than a year after flirting with the idea. during a social media interaction<\/a>,<\/p>\n \u201cJust watch Elon Musk troll everyone by making DOGE the first crypto to be used on the X platform,\u201d David Gokhshtein, the founder of Gokhshtein Media, affirmed<\/a>,<\/p>\n The Dogecoin price rally has triggered more than $6 million worth of short liquidations since July 24, comprising around 60% of the total positions liquidated.<\/p>\n Short sellers exit their positions with buy orders, thus pushing the prices higher. That further shows why the Dogecoin price rose on July 25. Nevertheless, DOGE’s open interest-weighted funding rate has slipped into negative territory, showing bears are paying bulls to keep their positions open.<\/p>\n That shows most derivative traders have turned bearish towards the Dogecoin market despite its ongoing price rally.<\/p>\n From a technical standpoint, the DOGE price has entered the breakout stage of its prevailing bump-and-run-reversal bottom pattern<\/a>with a price target of around $0.88, up around 15%, by September 2023. <\/p>\n Conversely, a bearish scenario involves Dogecoin entering a short-term correction as its daily relative strength index nears 70, an overbought area, and its price tests $0.078 as resistance. The $0.078 level was instrumental in capping DOGE’s upside attempts in March 2023.<\/p>\nDOGE price hits May 2023 high<\/h2>\n
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DOGE bears liquidated<\/h2>\n
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Dogecoin price analysis 2023<\/h2>\n
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