Dogecoin Price Pumps 5% As Elon Musk Unveils X TV App To Rival YouTube, And Traders FOMO Buy This Multi-Chain Meme Coin With Time Running Out
The Dogecoin price rose 5% in the last 24 hours to trade at $0.0990 as of 09:02 p.m. EST even as trading volume fell 8% to $428 million.
This comes after Elon Musk’s X TV app beta version was officially launched, allowing users to access the platform directly from their smart TVs. This move is part of Musk’s plan to transform X into an “Everything App,” and potentially positioning it as a rival to YouTube.
The app aims to capitalize on X’s growing video engagement.
Dogecoin Price Aims For A Continued Bullish Trend Reversal
The Dogecoin price has been on a downtrend, trading within the falling channel pattern, as the bears gained control around the $0.114 resistance zone, according to data from GeckoTerminal .
DOGE has now plunged below both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the recent bearish trend.
The Relative Strength Index (RSI) trades up towards the 50-midline level, currently at 48, which is a sign that buying pressure is increasing.
Moreover, the Moving Average Convergence Divergence (MACD) is also climbing towards the neutral zone, which shows that DOGE is on positive momentum. The blue MACD line also crosses above the orange signal line, representing a bullish crossover.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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