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The price of Dogecoin (DOGE) increased by over 40% in 3 days. Has the bullish wave returned?

I witnessed Dogecoin Price DOGE An increase of more than 40% to its highest level in the last five days. After She declared Tesla, the electric car maker led by billionaire Elon Musk, has announced that it will accept Dogecoin (DOGE) as payment for the purchase of its products.

Tesla explained in an official statement that its payment platform now supports Dogecoin, allowing buyers to adopt it to purchase products offered in the Tesla Store. The company also indicated that it would set prices for certain products directly in Dogecoin.

Analysts believe the step will push other companies to follow Tesla's lead, in a positive development for the cryptocurrency sector that could also include the Musk-linked payments platform (X).

Elon Musk supports Dogecoin

Elon Musk has once again sparked public interest in accepting Dogecoin as a means of payment in his company Tesla. Last March, Musk raised the possibility of the company accepting this cryptocurrency in response to a question: When can you buy a Tesla car with Dogecoin? At an event at the Tesla factory in Germany.

“I think we should allow that at some point,” Musk responded.

This goal has now been achieved as Tesla has announced that it will exclusively accept Dogecoin for the purchase of goods and products offered through its website. The company explained that it currently only accepts Dogecoin.

This is the second time Tesla has offered to accept cryptocurrencies as payment. It accepted Bitcoin in 2021, but was forced to stop this service shortly after.

Despite the positive impact of this decision, what concerns investors in Dogecoin and digital currencies in general is the possibility of integrating Dogecoin into any financial payment system on the Twitter “X” platform .

Elon Musk previously revealed his goal of creating a social media platform The largest financial services platform In the world.

Since the announcement of the acceptance of Dogecoin as a means of payment on the Tesla platform, optimism has increased that the “X” platform could become the next step for the adoption of the famous digital currency.

Integrate Dogecoin into the X platform It will open new horizons for your daily use. Which could improve its wide distribution and therefore a very strong increase in demand and prices.

However, so far, Elon Musk or the “X” platform team have not released any official information regarding the possibility of integrating Dogecoin into the platform as a payment method.

Dogecoin Price Forecast

On the technical sheet we notice that Dogecoin Price DOGE The upper limit of the descending price channel has been broken. Which it has been floundering in recent weeks and since the end of March, when it reached its highest levels since November 2021.

Dogecoin (DOGE) daily price chart.
Dogecoin (DOGE) daily price chart.

Despite the strength of the rising wave, it stalled below the 38.2% Fibonacci retracement level at $0.1730.

Exactly close all daily candles For DOGE price Below the $0.1630 resistance level. Which he had already stopped at twice in a row since mid-April last year. This is a clear indication of the strength of this resistance level.

For the rise to continue, we need to see the daily candle close above $0.1730.

In the bearish scenario, the $0.1280 support level must be broken and the daily candle closed below it.

In general, there is a possibility that trading will decline within a limited sideways range between the mentioned technical levels. This is the most likely at the moment because it corresponds to the general market trend, notably Bitcoin BTC Price.

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