Hassan Maishera
DOGE, the native coin of the Dogecoin ecosystem, has added more than 140% to its value over the last seven days. The rally began as Elon Musk completed its acquisition of Twitter last week.
Why Is DOGE Up By 23% Today?
DOGE is the best performer amongst the top 20 cryptocurrencies by market cap. The token has added more than 20% to its value in the last 24 hours, outperforming the broader crypto market.
The rally comes as Elon Musk completed his Twitter acquisition last week and is now rolling out some policies for the social media platform. Elon Musk has shown his admiration for DOGE numerous times over the years, and experts now suggest that the cryptocurrency will play a huge role on Twitter moving forward.
According to recent reports, verified Twitter users may soon have to pay a monthly fee to keep their badges. The reports suggested the monthly fee for the verified badge would be around $20.
If that happens, DOGE could become one of the accepted payment options on the social media platform. Twitter, with millions of verified users globally, could look to monetize this feature, similar to the Twitter Blue service the company launched last year.
DOGE Technical Analysis
The DOGE/USD 4-hour chart is extremely bullish, as Dogecoin has been performing excellently over the last seven days. The technical indicators show that Dogecoin is outperforming the broader cryptocurrency market.
DOGE/USD 4-hour chart. Source: TradingView
The MACD line is deep into the positive zone, indicating strong bullish momentum for Dogecoin. The 14-day relative strength index of 74 also shows that DOGE is close to entering the overbought region.
At press time, DOGE is trading at $0.1468 per coin. If the bullish trend continues, DOGE could cross the $0.166 resistance level for the first time since April. In the event of an extended bullish performance, DOGE could reach the $0.20 psychological level for the first time since January.
