Dogecoin Defies Market Downturn with Bullish Surge Amid Payment Speculations

• Dogecoin’s price has risen with speculation about its potential integration as a payment method on X.
• BitMex founder Arthur Hayes has shown support for Dogecoin, buying more during the market downturn.

Dogecoin has experienced a surprising uptick in price, deviating from the broader cryptocurrency market’s bearish trend. This unexpected rise is largely attributed to speculations regarding the integration of Dogecoin payments on X. The anticipation of this development has stirred excitement within the Dogecoin community and sparked a notable increase in trading volume.

Rumors about the potential for Dogecoin payments on X began circulating when a prominent community member shared their optimism about the integration. This individual expressed a sense of nostalgia, comparing the current buzz to their initial experience with purchasing Dogecoin. The excitement quickly spread among community members, who began to speculate that Dogecoin might soon be used for transactions on the popular social media platform.

As a result of this speculation, the Dogecoin trading volume surged, leading to a price increase despite the broader market’s downturn. The possibility of Dogecoin payments on X has reignited interest in the meme coin, which had previously seen a decline amid the general bearish sentiment in the crypto space.

Arthur Hayes Backs Dogecoin Amid Market Downtrend

In addition to the excitement surrounding potential Dogecoin payments on X, the coin has also received a boost from BitMex founder Arthur Hayes. Known for his influential role in the cryptocurrency market, Hayes has publicly declared his support for Dogecoin, adding to the coin’s momentum, as previously reported by Crypto News Flash.

Amidst the prevailing bearish trend, Hayes revealed through a post on X that he is using the market downturn to acquire more Dogecoin and another altcoin, Pendle. He expressed his enthusiasm for the current market conditions, stating that he is taking advantage of the lower prices to increase his holdings. Hayes’ endorsement has further bolstered confidence in Dogecoin, contributing to its price resilience in a challenging market.

Recent Declines Amid Market Turmoil

In the past week, Dogecoin has faced a 12% drop, extending its losses to 17% over the past month. These declines were largely triggered by a substantial Bitcoin sell-off, which sent ripples across the cryptocurrency market.  Currently, Dogecoin is trading at $0.123748, reflecting a 2% gain in the last 24 hours. This positive movement has sparked interest among traders and investors, who are now closely monitoring DOGE’s performance. With a 24-hour trading volume of $622.47M and a market cap of $18.17 billion, Dogecoin remains a significant player in cryptocurrency.

Additionally, analysts point to technical patterns suggesting Dogecoin may be on the verge of a significant breakout. Crypto analyst Trader Tardigrade has noted that Dogecoin is entering the final phase of a consolidation pattern, specifically forming a triangle consolidation. These formations often precede a substantial price movement, and in the context of historical market cycles, they can signal the onset of a major breakout. 

Another prominent analyst, The CryptoBull, has observed that Dogecoin has retraced to the lower boundary of its current trading range. Despite this pullback, The CryptoBull remains optimistic, asserting that the broader bull market is far from over. 

$DOGE back to the bottom of this range, still believe this bull market to be far from over, a target of $1.69

Best believe it's all true pic.twitter.com/gfxhYzuBM0

— The CryptoBull (@TheCryptoBull77) June 18, 2024