X—previously known as Twitter—has secured a currency transmitter license from Rhode Island’s regulatory authorities. This monumental move grants X the legal clearance to offer a suite of cryptocurrency-related services, including payments and trading, within the United States.
Not only does this mark a pivotal moment in X’s diversification strategy, but it also has far-reaching implications for the cryptocurrency market at large. Among the beneficiaries of this development could be Dogecoin, the meme-turned-mainstream cryptocurrency that has captured the imagination of none other than Elon Musk.
What you'll learn 👉
The Significance of the License
A currency transmitter license is not just a piece of paper; it’s a regulatory seal of approval that is mandatory for any entity dealing in cryptocurrencies or related services. With this license in hand, X can now legally engage in a wide array of crypto activities, such as secure storage, seamless transfers, and efficient exchanges. This regulatory green light paves the way for X to broaden its service portfolio, thereby amplifying its global footprint and diversifying its revenue streams.
Media Buzz
The news has already caught the attention of major media outlets, including Cointelegraph, TheStreet, CaptainAltcoin, and BSC News, underscoring its significance in the crypto ecosystem.
The Dogecoin Angle
Now, let’s delve into the crux of the matter: What does this mean for Dogecoin? Given that Elon Musk has often expressed his fondness for Dogecoin, there’s a plausible scenario where Dogecoin could become the primary cryptocurrency on X’s platform. If this speculation materializes, it could serve as a significant catalyst for Dogecoin’s adoption and price appreciation.
Technical Analysis of Dogecoin
Price Movements
In July, Dogecoin experienced a bullish breakout from a Falling Wedge pattern, catapulting its price to $0.080—a 30% gain. However, the coin has since retraced below its 200-day moving average ($0.08) and even dipped below the $0.07 support level, erasing all previous gains.
Source: CoinStats – Start using it today
Key Indicators
- MACD: The MACD line is currently above the MACD Signal Line, indicating a bullish trend.
- RSI: The RSI is hovering around 50, which is considered neutral.
These mixed signals suggest that investors should either wait for the price to reclaim key levels to confirm an uptrend or look for a pullback to the $0.053 support level for a swing entry.
Support and Resistance
- Support Zones: The nearest support zones are at $0.06 and then $0.053.
- Resistance Zones: On the flip side, the resistance levels to watch are $0.070 followed by $0.100.
Conclusion
X’s acquisition of a currency transmitter license is a watershed moment not just for the company but potentially for Dogecoin as well. As X integrates cryptocurrency payments and trading into its platform, Dogecoin could very well become the star of this new venture, especially given Elon Musk’s affinity for the coin.
While the technical indicators for Dogecoin are mixed, the fundamental landscape looks increasingly promising, making it a crypto asset to watch closely in the coming months.
You can view our Dogecoin price prediction here.
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