Dogecoin Price Nears $0.11 as X Eyes Crypto Integration

Key Insights

• The price of Dogecoin rose 16% to $0.116 after X announced crypto trading plans.
• On clearing resistance, technical charts indicate a possible breakout at $0.15.
• Long-term Wave setup continues to hold $1.30+ targets and support at $0.05-$0.06.

The price of Dogecoin has climbed sharply over the past day. It now trades near $0.116, up 16%. The meme coin outperformed Bitcoin and Ethereum. Many traders point to news from X as the main driver.

X plans to let users trade stocks and crypto directly in the timeline. People will soon click ticker symbols and complete trades inside the app. Elon Musk, who owns X, has backed Dogecoin for years. He often calls it his favorite cryptocurrency. This broader crypto push on X revived interest in DOGE.

The rally started hours after the announcement. Trading volume jumped alongside the price move. Dogecoin price remains sensitive to platform-related news.

X Announcement Drives Dogecoin Price Momentum

X shared details about the new trading tools in a recent video. Users can expect direct access to digital assets. No specific launch date was given. The feature will roll out in the coming weeks.

This move fits Musk’s vision for an “everything app.” X already handles payments in some regions. Adding crypto trading brings it closer to that goal. Dogecoin price reacted fastest among major coins.

Musk did not mention DOGE directly this time. Past tweets from him often sent the price soaring. The connection still matters to traders. Many see X integration as long-term positive for Dogecoin price.

Dogecoin Price Charts Signal Potential Breakout

Technical analysts observe bullish signals in Dogecoin’s price charts. A trendline on a popular trading view chart by WorldOfCharts reveals that the price is almost touching a significant downward trendline. The recent candles touched short-term resistance.

The chart highlights a possible triangle pattern completion. A clean break above the trendline could trigger fast upside. Analysts watch the $0.12 zone next. Holding above $0.105 keeps the structure intact.

Further Elliott Wave counts indicate that Wave 4 is approaching in the long run. Support sits between $0.05 and $0.06. A gap at that would annul the bullish formation. In case of support, Wave 5 may target $1.30 and above.

Historical cycles show similar setups before big moves. Dogecoin price formed higher lows through 2023-2025. The 20-week EMA recently crossed below the 200-week EMA, a signal some traders use for entries.

Wider Crypto Market Supports Dogecoin Price Recovery

The total crypto market rose 2.67% to 2.43 trillion, while meme coins rose 3.5% collectively. Dogecoin was performing better than the rest of the market, with other large cryptocurrencies, such as Bitcoin and Ethereum, recording smaller returns.

Through ETF outflows, Bitcoin was stable around $69,800, and Ethereum slightly improved. In the meantime, Dogecoin is seeing more pronounced movement, suggesting that meme coins may be shifting towards riskier assets.

One of the major future developments, the crypto bill review scheduled for the U.S. on February 16, may serve as another market-moving news item. Further positive news would boost market sentiment, potentially benefiting coins such as Dogecoin, which tend to perform well in bullish markets.