Dogecoin price continues to dominate among other major cryptocurrencies, bringing its weekly cumulative gains to 30%. The largest meme coin hit €0,0848 on Thursday but pulled back to close the day at €0,0770.
As noted, the potential for the price of Dogecoin to reach €1,000 becomes apparent with each passing day, especially with Elon Musk taking the reins as CEO of Twitter. The billionaire, founder and CEO of Tesla, the world's largest electric vehicle manufacturer, assured investors that he would complete the acquisition of the company (Twitter Inc.) on Friday, October 28.
Elon Musk becomes CEO of Twitter. What does this mean for the price of Dogecoin?(*2*)
Elon Musk has taken over as Twitter's new CEO after firing current CEO Parag Aggarwal. A series of changes are expected at the social media company, with more layoffs, particularly among its top executives. Two other people were shown the door, including Twitter's chief financial officer, Ned Segal, and the company's chief legal officer, Vijaya Gadde.
Musk has been a huge fan of Dogecoin to the point of calling himself the "Father Doge". His statements about Dogecoin have often affected the price of it. When the billionaire finalized his deal on the microblogging platform, the Dogecoin price rose from €0,0628 to a weekly high of €0,0848.
With Elon Musk at the helm of Twitter, Dogecoin could secure its position as the new meme currency of social media. The biggest use cases for meme pieces have continued to grow over the past two years, fueled by their association with Musk.
More than 2000 global businesses already accept Dogecoin as a form of payment, according to crypto media platform Cryptomode. Musk's two main companies, Tesla and SpaceX, currently accept payments in DOGE.
DOGE is likely to be accepted as the preferred token for Twitter-based transactions. Such support will benefit Dogecoin as it attempts to regain ground at its all-time high of €0,7315. Dogecoin price is now trading at €0.0819, 89.1% below the all-time high.
Why the Dogecoin price surge may be unstoppable(*2*)
Dogecoin price took a short break at €0.0800 after jumping from its breakout point at €0.0628. The 200-day SMA (simple moving average) marked the seller's congestion at this level; however, it now functions as the token's immediate bearer.
The uptrend is supported by different fundamental, micro and technical factors. From a technical standpoint, Dogecoin has strong support that could prevent a trend reversal if investors pull the rug and seal gains.
A break above the resistance highlighted by the upper bound of the range (in grey) could start a swing larger at $0,1435. This breakout target represents the distance between the lower and upper limits of the range, extrapolated above the breakout point.