Dogecoin (DOGE) has seen a 5% increase in price over the last 24 hours, mirroring the trends of the cryptocurrency market. This rally was sparked by the U.S. Securities and Exchange Commission’s (SEC) setback in preventing Grayscale Investments, a crypto investment platform, from converting its Bitcoin trust into an exchange-traded fund (ETF). This ruling caused Bitcoin’s price to jump 8%, lifting other crypto assets with it, including Dogecoin.Dogecoin’s gains were also bolstered by Elon Musk’s foray into payment services for X (formerly known as Twitter). On Aug. 28, Rhode Island’s regulators granted X a currency transmitter license, enabling the social media giant to offer financial services, including crypto. This news has sparked rumors of Dogecoin payments on the platform.From a technical standpoint, Dogecoin has traded inside what appears to be a bear flag pattern since Aug. 17. This could result in a full-fledged breakdown in the coming weeks. However, analyst Crypto Rover argues that Dogecoin’s strong fundamentals can instead bolster Dogecoin price in the long term.Dogecoin price is testing a multi-year descending trendline resistance as support, which could confirm the breakout. Two key technical resistances are the 50-week exponential moving average (50-week EMA) near $0.079 and the 200-week EMA near $0.086. Breaking above these levels could create a price target of $0.106, potentially resulting in a 60% price rally by 2023’s end.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	Crypto Rover, Grayscale Investments, Elon Musk
Companies	Grayscale Investments, U.S. Securities and Exchange Commission, Rhode Island’s regulators, X (formerly known as Twitter), Grayscale Bitcoin Trust
Currencies	Ethereum, Dogecoin, Bitcoin
Securities	None