As the community on Twitter (NYSE: TWTR) awaits the rehaul of the well-known bird logo announced today, Dogecoin (DOGE) is already recording significant gains due to the massive interest in one of the favorite cryptocurrencies of Twitter’s owner Elon Musk.
Although it is now slightly consolidating, Dogecoin had originally recorded an increase of over 6% on the day, increasing to levels not seen since early May, when it had started to decrease gradually, falling to as low as $0.059 on June 10, according to the most recent chart data retrieved by Finbold on July 24.
Interestingly, the pump arrived shortly after Musk announced the change of the social media platform’s iconic bird log in a short video teaser and changed his profile picture to a white X on a black background. At the same time, Twitter’s new chief executive, Linda Yaccarino, also made multiple posts announcing the change.
DOGE price analysis
At press time, Dogecoin, which often reacts in line with Musk’s public statements, was changing hands at the price of $0.08, recording an increase of 4.69% in the last 24 hours, adding up to the 6.24% gain across the previous seven days and a more significant 11.34% in the past month, as the latest charts indicate.
With its newest pump, Dogecoin has flipped an important resistance level at $0.075, which pseudonymous crypto analyst Crypto Tony had earlier, on July 23, said was the critical trigger for him to get into a position, as entering at a price below that threshold “would be too risky”.
According to the crypto market expert’s analysis, the next significant resistance level for Dogecoin would be at $0.095, getting very close to the even more coveted psychologically important mark of $0.10, last seen in early December 2022.
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