Dogecoin (DOGE) as a Twitter currency?
Imagine you could pay for your tweets with Dogecoin. Sounds crazy right? But that could soon become a reality. Twitter, led by Elon Musk, recently received money transmitter licenses in three US states. What does this mean for Dogecoin and the crypto world?
Twitter receives several licenses to issue money transfers
Twitter has taken a big step towards financial services. The company has received money transfer licenses in Michigan, New Hampshire and Missouri, according to official reports . This development confirms that Twitter has regulatory approval for such operations. The company is also known to have applied for licenses in all 50 US states.
The so-called Money Transmitter license allows Twitter to provide transfer services or payment instruments. The license also enables currency exchange, including the exchange of foreign or cryptocurrencies for US dollars.
The big question now is whether Dogecoin (DOGE) will soon become the official Twitter currency. Elon Musk, the CEO of Twitter, is known for his support of Dogecoin. He has publicly mentioned the cryptocurrency several times and fueled discussion around its use on Twitter.
Additionally, Twitter has partnered with eToro, allowing users to buy stocks and cryptocurrencies through the short messaging service. This could be another indication that Dogecoin could play a bigger role in the Twitter world.
Latest Technical Chart Analysis on Dogecoin (DOGE) Price
The Dogecoin price has shown a long-term downtrend since its all-time high. In May 2022, a price low of 0.05 US dollars was reached, which initially established itself as a floor. From this point, despite recent declines, DOGE price has made a higher high at $0.55.
In the past few weeks, the DOGE price has retested the $0.55 mark. This has held which is an important signal and confirms the bottoming at this price. Since then, another support has been created at $0.62.
The Dogecoin price is currently at an important resistance level of 0.65 US dollars, which must be overcome in the long term. The fight for this brand is in full swing.
Another important indicator is the Relative Strength Index (RSI). The RSI is a momentum oscillator that measures the speed and change in price movements. For Dogecoin, the RSI has emerged from the oversold territory and is now at the mid-range level of 47. This is positive as it shows that there is still further potential for the price. However, one should be careful if the RSI rises above 70 as it can be a sign of an overbought situation and possibly signal a pullback.
In summary, the trend of the Dogecoin price is sideways on a medium-term basis. It was particularly important that the price did not fall below $0.55, which confirms a bottom formation. However, the DOGE course gave back all the gains it had made in the previous trading months. Despite the bearish indications of the technical indicators, the situation remains exciting and we have to wait and see.
If the Dogecoin price manages to make a sustained higher low, more investors may be willing to buy Dogecoin. So it remains exciting to see how the course for the Dogecoin forecast will continue to develop.
Conclusion and prognosis for the current DOGE course
The introduction of Dogecoin as a means of payment on Twitter would be a big step for the cryptocurrency and could significantly affect its price. It remains to be seen what payment offerings Twitter will launch, but the signs are good for Dogecoin.
Note: This article is for informational purposes and should not be construed as investment advice. Please do your own thorough research before investing in cryptocurrencies.