The Wall Street Journal published an excerpt from “The Biography of Elon Musk” by Walter Isaacson. The Dogecoin (DOGE) detail in the article triggered a sudden and short-lived peak movement on the hourly time frame.
Elon Musk article showed its effect on DOGE
Elon Musk Biography shared by WSJ will be officially published on September 12. The article also includes topics related to the “acquisition of Twitter”. In the short section that emerged, there are interesting partnership and acquisition deals of Elon Musk that have been on the agenda in recent years.
Part of the biography included details about the relationship between Elon Musk and Dogecoin (DOGE).
The article reads about Dogecoin (DOGE):
…The next day, Musk’s brother Kimbal told him over lunch that it would be better to build a new blockchain-based social media platform. Musk was intrigued and entered a dizzying fashion. He half-jokingly suggested that he might have a payment system that uses Dogecoin (DOGE), a semi-serious cryptocurrency that Musk has quietly funded development. After lunch, he sent several text messages to Kimbal detailing his idea of “a blockchain social media system that can pay and communicate via text message like Twitter.”
DOGE price rose
DOGE, the largest meme coin, peaked around 2% on the previous hourly candle. This rise may be related to the Elon Musk Biography, which has become widespread on social media. DOGE is currently trading in the $0.06382 region where it has returned some of its gains.
What’s next for Dogecoin price?
Dogecoin has seen some positive developments on the price front lately. The $0.06 zone has been an important support since March. Over the past two weeks, the bulls have fought to defend this area. Thus, they managed to push prices above the short-term resistance at $0.0645-0.0662. Moreover, DOGE has retested this region and is in the process of rising even higher.
However, on the upside, there was a large imbalance in the $0.07 zone shown in white below. In addition, this region coincided with the resistance zone in June. Hence, it represented a logical profit taking target for bulls approaching the $0.065 mark.
Meanwhile, the most important determinant of DOGE price will be a potential X integration. As Cryptokoin.com reported, the first concrete steps were taken in crypto payments this week. Currently, 7 US states allow the new platform X to offer money payments. The crypto community is on the alert for an official integration announcement.
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