• 14 July, 2024
Market News

X Payments Sparks DOGE & FLOKI Buzz: Analyst Fuels Market Excitement

Renowned crypto analyst Crypto Busy shared intriguing insights in a recent X post, sparking speculation among traders focusing on Dogecoin (DOGE) and Floki Inu (FLOKI). The catalyst behind this renewed interest is the launch of X Payments, a social media account associated with the enigmatic X platform. The platform hints at the potential introduction of peer-to-peer payments later this year, including various cryptocurrencies.

Over the weekend, both Dogecoin (DOGE) and Floki Inu (FLOKI) embarked on a rapid ascent, marking a substantial uptick of up to 12% in their respective values, only to retrace their gains shortly after that swiftly. The impetus for this upward trajectory came from an XPayments profile on the X social app, generating adoption hopes within the crypto community. 

CoinMarketCap data reveals a remarkable 200% surge in trading volumes for DOGE and FLOKI tokens over the weekend. Concurrently, futures tied to these tokens exhibited a surge in open interest, reaching a cumulative value of $430 million from $200 million. The recent spike in open interest reflects an increasing number of bullish bets.

Source: Coinglass

The DOGE experienced a weekly low of $0.074 before rallying to $0.090 on Sunday. In parallel, Floki Inu achieved a seven-day high of $0.000035 on January 21.

DOGE is trading at $0.08251, reflecting a decline of 5.10% in the past 24 hours and a modest increase of 1.17% over the last 7 days. On the other side, FLOKI is trading at $0.00002995, indicating a decrease of 6.83% in the previous 24 hours and a 2.46% decline over the past 7 days.

Source: CoinMarketCap

Examining the DOGE price trend reveals a critical juncture, as the bearish reversal tests the 100-day moving average. Despite recent drops signaling a market-wide correction threat, a double-bottom reversal in the daily chart has left buyers optimistic about the possibility of a bull run.

Source: TradingView

The short-term resistance trendline for DOGE has recently broken out, indicating a potential bullish reversal despite experiencing an 8% drop over the past two days, as seen by two bearish candles. However, DOGE is still trading above the $0.082 level, with a long tail that suggests a positive indication of a bullish attempt to maintain the rally.

Navigating through dynamic market shifts, analysts closely monitor DOGE and FLOKI, poised for developments linked to the evolving X Payments narrative and potential crypto adoption. The ongoing fluctuations in sentiment around these assets intensify the anticipation, adding an element of intrigue to their future trajectories.

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