Dogecoin (DOGE), a meme coin famously endorsed by tech entrepreneur Elon Musk, has experienced a noteworthy price increase in value within the last 24 hours as crypto enthusiasts eagerly await the anticipated Twitter logo revamp.
Notably, the cryptocurrency gained more than 3% after Musk announced the farewell to the iconic Twitter bird logo.
However, that may be just the start of DOGE’s gains, as suggested by crypto market expert Ali Martinez.
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In his July 23 analysis of Dogecoin’s price, Martinez spotted and pointed out a descending triangle pattern. According to the crypto analyst, the last time this price pattern emerged resulted in a massive DOGE pump of more than 23,000%.
“The last time a descending triangle developed on the monthly chart $DOGE pumped 23,200%!”
– Martinez wrote in the tweet.
Supposing DOGE can pull off a similar pump, an increase of that margin would lift the world’s biggest meme coin to a whopping $18.64 from its current price.
While a descending triangle pattern is essentially a bearish chart pattern consisting of a series of lower highs and a horizontal support line, it can also lead to significant surges if the price breaks above the resistance level, triggering a significant bullish breakout.
DOGE price analysis
At publication time, the price of DOGE was standing at $0.08, up 4.33% in the past 24 hours.
Over the past week, the meme crypto gained more than 7%, while its monthly gains stand at around 11%.
Following its most recent surge, Dogecoin has cleared a key resistance level at $0.075, a vital move that was needed for crypto investors to get into a position, according to a July 23 tweet by Crypto Tony. Otherwise, buying DOGE at a price below that mark “would be too risky,” the expert noted.
Why is DOGE soaring?
Doge’s latest upswing was likely fueled by Elon Musk’s July 23 tweet, in which he said that Twitter is intending to replace Twitter’s legendary blue bird logo.
“And soon we shall bid adieu to the twitter brand and, gradually, all the birds.”
– Musk tweeted.
Further, the billionaire also published a short video teaser and changed his profile picture to a white X. He said that the new logo will be in the shape of an “X” letter, and requested design options from his 149.1 million Twitter followers.
“If a good enough X logo is posted tonight, we’ll make go live worldwide tomorrow.”
The X-related branding comes from Musk’s previously-stated plans to turn Twitter into “X, the everything app” capable of providing both payment and social media functions, similar to China’s WeChat super app.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
