Dogecoin\u2019s (DOGE<\/a>) price rallied to its best levels in two months as traders assessed Twitter\u2019s potential to create a cryptocurrency wallet product.<\/p>\n DOGE\u2019s price jumped to $0.081 on Oct. 27. The price gained roughly 40% two days after Jane Manchun Wong, a popular tech blogger, claimed that Twitter is working on a wallet prototype that supports cryptocurrency deposits and withdrawals.<\/p>\n Elon Musk is the thread that connects Dogecoin and Twitter. Earlier this year, the Tesla and SpaceX CEO won the bid<\/a> to purchase Twitter for $44 billion. Later, on April 11, he flirted with the idea of adding Dogecoin as a payment method<\/a> for the Twitter Blue subscription service.<\/p>\n DOGE\u2019s price grew 30% to $0.17 in 10 days after Musk\u2019s pro-crypto suggestion to the Twitter board. But the memetoken fell drastically<\/a> afterward, reaching as low as $0.05 in June as Musk attempted to back away from the deal, citing his concerns over Twitter\u2019s user figures. <\/p>\n Twitter\u00a0sued Musk<\/a> in response, eventually prompting the court to rule in its favor. Chancellor Kathaleen McCormick, the judge overseeing the legal battle,\u00a0denied attempts by Musk to postpone the trial, noting that the deal should close by 5 pm ET on Oct. 28.<\/p>\n Musk changed his Twitter bio to \u201cChief of Twit\u201d on Oct. 26, followed by a personal visit to the Twitter headquarters<\/a> on the same day. That raised anticipations that Musk would close the deal per the court deadline, paving the way for Dogecoin to become an integral part of the Twitter platform.<\/p>\n #Dogecoin<\/a> pumped 15% after this: pic.twitter.com\/MCZ9iGyt1a<\/a><\/p>\n \u2014 Altcoin Daily (@AltcoinDailyio) October 27, 2022<\/a><\/p><\/blockquote>\n From a technical standpoint, Dogecoin\u2019s recovery shows signs of exhaustion as its price tests a strong resistance confluence.\u00a0<\/p>\n On the three-day chart, the confluence comprises three resistance levels: a multi-month descending trendline, the 50-3D exponential moving average (the red wave), and a horizontal level around $0.08, as shown below.<\/p>\n Given DOGE\u2019s immediate correction after testing these resistance levels, the token\u2019s possibility of heading lower appears high. Meanwhile, its downside target is near the ascending trendline that has served as support in recent months.<\/p>\n That puts DOGE\u2019s price en route to around $0.06 in Q4\/2022, approximately 20% below the current price.<\/p>\nElon Musk fuels Dogecoin rally again<\/h2>\n
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DOGE price risks 20% correction\u00a0<\/h2>\n
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