With Halloween 2022 almost coming to end, Elon Musk—the current sole director of social media giant Twitter—tweeted a picture of a Shiba Inu dog and a pumpkin. Both the focal subjects in the frame had one thing in common—the Twitter logo. The former wore apparel featuring the blue ‘freed’ bird, while the latter depicted a luminescent version of the same.

It is a known fact that Elon Musk is fond of cryptos like Dogecoin and Shiba Inu. In fact, he has already given himself the title of “DogeFather” in the past. As expected, the prices of tokens belonging to the meme basket started rallying right after the tweet was posted.

Dogecoin’s reaction was outright. As illustrated below, the trend was quite monotonous on the minute chart. However, the same minute the tweet was out, DOGE registered an unconventionally long green candle. It continued rising and was up by roughly 14% in minutes. Resultantly, “to the moon” claims were already being made by people from the community.

However, right after, a retracement was seen materializing, and the number had shrunk down to 12% already.

Shiba Inu also registered similar northbound movements, but with less intensity. It rallied by around 5% to create a local high of $0.00001032. Post the hype surge, even this token started pulling down its socks. Eventually, the pump was down to 4%, with the asset being traded at $0.00001287.

What could this mean for Shiba Inu and Dogecoin?

Well, Elon Musk and his firms have been quite open in advocating meme coins. Last month, the exec announced that the Boring Company’s Burnt Hair perfume could be purchased with Dogecoin. Similarly, on the payments page, Shiba Inu was also an available option.

Post the Twitter deal, Elon Musk for the first time hinted today that Shiba Inu and Dogecoin could come to the platform. Just a day back, it was reported that the social media giant was considering charging $20 per month from blue ticked/verified accounts to maintain that badge. So if at all such a thing happens, then Musk could perhaps enable the Dogecoin, Shiba Inu payment option for the same.

Alongside, people from the community are also expecting Elon Musk to roll out a Dogecoin Tipping Jar. The same would help in increasing the adoption of the said tokens.

It’s a known fact that the new Twitter executive sees Dogecoin as a currency and expects it to inevitably become a standard payment system going forward. So, as long as we’re in the Musk era, both Dogecoin and Shiba Inu have fairly bright prospects.

At press time, Dogecoin had already surpassed the psychological $0.15 mark and was trading at $0.155, for the first time since April this year.

In this episode of NewsBTC’s daily technical analysis videos, we examine Bitcoin price action on Halloween night to see if the market is in for any tricks or treats.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): October 31, 2022

Bulls Run Into Resistance, But Bears Have Yet To Scare

Last night was a weekly close in Bitcoin, but the top cryptocurrency narrowly missed closing above the mid-Bollinger Band –– a sign that a bullish trend might be brewing that is now at risk of rejection.

During the 2018 bear market, closing directly below the mid-BB led to further consolidation before a larger breakout and it could happen again. Rejection would lead to nightmarish results.

Bitcoin bulls could be in danger | Source: BTCUSD on TradingView.com

Related Reading: Bitcoin Bollinger Band Breakout Starts To Squeeze Shorts | BTCUSD Analysis October 26, 2022

Bitcoin Readies Final Nail In Crypto Winter Coffin

Bitcoin did manage to escape beyond the Tenkan-sen using the Ichimoku, which during the last bear market was enough to put the final nail in bear’s coffins. 

If crypto bulls are indeed out for blood, pushing prices to the Kijun-sen near $30,000 would inflict serious pain on the short side of the market –– which is currently a crowded trade.

Will BTC Survive All Hallows’ Eve?

Only hours remain for the October month candle to close with a potential tweezer bottom –– similar to the candle structure from back in December 2018.

Bitcoin will also close the month with weakening bearish monthly momentum for the first time in nearly one full year. While the LMACD histogram has been bearish for its 14th month, momentum shows it will stay that way for at least a couple more months.

We are also looking ahead toward next month for the Fisher Transform to cross. The tool is used for finding precise turning points in markets, and in the past has accurately predicted tops and bottoms on the highest timeframes. Cyclical tools show that the turning point could arrive before the end of the year, but it isn’t quite here yet. 

The same old story that never wants to leave the room is back. Twitter could accept Dogecoin (DOGE/USD) as a payment method. The speculation grew after reports that Dogecoin father Elon Musk was expected to complete a Twitter takeover this week.

We know Musk’s acquisition of Twitter has been the centre of attention for months now. However, the reality of potential acquisition has been growing for the past weeks. That was after Musk’s change of stance of abandoning the Twitter deal over unconfirmed fake accounts. Fresh details are emerging that Musk has informed his financial backers of an intention to complete the acquisition on October 28.

The Dogecoin community is excited by the news. The meme token saw increased retail trader mentions on popular social trading platforms such as Stocktwits. The cryptocurrency didn’t disappoint, too, jumping by over 10% in the day. It makes sense, though, as Musk has hinted at accepting the meme token as payment for Twitter in the past. 

Up to this point, it remains a speculation DOGE payment on Twitter will materialise. It could happen anyway! But how does it feel to be a DOGE investor now? Too far yet too close?

DOGE trades at merely $0.066, compared to its $0.7 all-time high. Anyone who decided to hold the token to $1 must be in crutches now (no pun intended, though). What if Musk completes the deal and Twitter accepts the cryptocurrency for payment? The journey to $1 could be unstoppable. So, should you buy DOGE or not?

DOGE pumps on growing speculations

Source – TradingView

Technically, DOGE aims for $0.07 after Twitter inspired acquisition rally. The MACD indicator is shifting to the bull territory, with growing momentum. The moving averages offer support for the cryptocurrency.

Should you buy DOGE?

DOGE price is driven by momentum around Musk’s acquisition of Twitter. Should the move happen and the token be accepted as a payment method, DOGE could return lucratively. Just like Halloween, you may need to get ready before the party begins. On the flip side, a bear market remains, and DOGE could be contained at $0.07.

Where to buy DOGE

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy DOGE with eToro today

Disclaimer

Halloween may be over a month away, but people are starting to plan out their costumes for trick or treating and parties. Two of the most followed people on Twitter Inc TWTR in the stock and cryptocurrency worlds shared their costume ideas Friday.

What Happened: Dogecoin DOGE/USD co-founder Billy Markus poked fun at spambot issues on Twitter Inc TWTR that often involve people pretending to be Binance CEO Changpeng Zhao.

“Imma dress up as @cz_binance for Halloween this year. I’ll start all conversations with ‘whyy isn’t anyone talking about this??’ pointing to a scam YouTube uniswap video playing on my phone,” Markus tweeted.

Like clockwork, a spambot account replied to the tweet from Markus saying “why you not talking about this?” which prompted the appropriate response by Markus of “I literally am.”

Tesla TSLA CEO Elon Musk replied to Markus, complimenting the costume choice and offering up his own take on an idea for a Halloween costume this year.

“I’m dressing up as a sink & knocking on random doors. Once they see me, they will have no choice but to let that sink in,” Musk tweeted.

Related Link: What Does Elon Musk Do On His Birthdays? 

Why It’s Important: The costume idea from Markus comes as a highly anticipated court case between Twitter and Musk over a planned acquisition of the social media platform is about to begin. Musk argues that Twitter is underestimating its spam account figures and wants more information.

Markus has pointed to increased spam accounts that reply to every tweet he posts, which prompted him to take a short break from the social media platform earlier this week.

Musk’s costume idea reflects the sense of humor that he has come to be known for on Twitter and from his past hosting gig of “Saturday Night Live” in 2022.

While neither may choose to actually wear costumes as mentioned on Twitter, they could inspire others to create costumes based on these concepts.

Photo: Created with an image from Ministério Das Comunicaç on Flickr