© Reuters
Investing.com – Canada’s most prominent supporter, Elon Musk, has taken over Twitter (NYSE:), which should soon accelerate DOGE’s prominence and spread.
Musk has previously mentioned that cryptocurrency could be considered as a means of payment for the platform’s paid services. However, the application possibilities could go further, as it seems that content creators will be associated with advertising revenue in the future. Zuby Music wrote a tweet to this effect, to which the new owner replied without ambiguity:
“Twitter should find a way to compensate/monetize its top creators. Just like any other social media app.”
While monetization on other social media platforms is done through fiat currencies, Elon Musk could go his own way and give Dogecoin another use case.
In addition, Musk confirmed to Bloomberg that he will ensure certain users’ lifetime bans are lifted. This would also concern Donald Trump, who could run for the next presidential elections in 2024.
Dogecoin: technical benchmarks
Dogecoin is heading towards a . at $0.07948, an increase of 1.41%, while the weekly gain stands at 37.78%.
The cryptocurrency continues its ascent, having managed to close the day above the 61.8% Fibo retracement of $0.07561 yesterday. The next objective is the resistance of the 78.6% Fibo retracement at $0.081165. If this threshold is crossed at the close of the day, yesterday’s high at $0.085412 can be tested.
The RSI is in the overbought zone at 80.86, indicating that the bulls tend to take a bit of a temporary rest.
If they fail to sustainably defend the 61.8% Fibo retracement, expect a decline towards the 50% Fibo retracement of $0.071710.
By Marco Oehrl