dogecoin (DOGE) price is rising today as traders speculate on its addition Twitter is a rebranded social media platform named “X”.

DOGE price peaked in May 2023

On July 25, the price of DOGE climbed nearly 5.5% to $0.078, the highest level in two months.

The token’s intraday gains came as part of a weekly rally that began two days ago when Elon Musk renamed Twitter X. by adding the DOGE symbol to his resume.

Since then, dogecoin has jumped over 11%, similar to its previous bullish reaction to Musk’s pro-dogecoin statements.

DOGE/USD daily price chart. Source: TradingView

On July 25, Musk unveiled X as an “app for everything” with a particular focus on financial services.

This led some analysts to believe that the billionaire would add a DOGE payment option to X – more than a year after he flirted with the idea. during social media interaction.

“Just watch Elon Musk troll everyone and make DOGE the first cryptocurrency used on platform X,” David Gokhshtein, founder of Gokhshtein Media, he claimed.

DOGE bears eliminated

The rise in dogecoin prices has triggered more than $6 million worth of short liquidations since July 24, comprising about 60% of total liquidated positions.

Dogecoin Total Liquidations Chart. Source: TradingView

Sellers are briefly exiting their positions with buy orders, pushing prices higher. This further shows why the price of Dogecoin rose on July 25th. However, DOGE’s interest-weighted open rate has slipped into negative territory, indicating that bears are paying bulls to keep their positions open.

This shows that most derivatives traders have turned to the dogecoin bear market despite its continued price rise.

DOGE OI weighted funding rate. Source: Coinglass

Dogecoin Price Analysis 2023

From a technical point of view, the price of DOGE has entered its breakthrough phase a predominant bottom bump-and-run-reversal patternwith a price target of around $0.88, up 15%, by September 2023.

DOGE/USD daily price chart. Source: TradingView

Conversely, a bearish scenario involves Dogecoin entering a short-term correction as its daily relative strength index nears 70, an overbought area, and its price tests $0.078 as resistance. The $0.078 level was key to capping DOGE’s upside attempts in March 2023.

Related: Dogecoin Soars 23,000% in 2021 — Is History Repeating for DOGE Price?

In this case, DOGE’s immediate downside target appears to be around $0.073 for July, which coincides with the 0.382 Fib line of the Fibonacci retracement chart.

This article does not contain investment advice or recommendations. Every investment and trading step involves risk and readers should do their own research when making decisions.