Dogecoin price rose on Monday after Elon Musk's X, formerly Twitter, announced delayed plans for crypto payments.

Here's what's new with the memecoin and X.

What Happened: Dogecoin price fluctuated between a 24-hour high of $0.232 and a low of $0.2222. At press time, it is currently being exchanged for $0.2219, reflecting a 2.49% decrease over the last 24 hours and an increment of about 1.6% over the past week.

The turbulence in the token's price is marked by a sharp 200% liquidation event, and also highlighting the patient strategy of X, formerly Twitter, in rolling out delayed crypto payments solutions.

As highlighted by CoinGlass, long-position traders suffered losses totaling $123,000 within just one hour as a 200% liquidation imbalance occurred on Monday.

The sudden wave of liquidations sparked a swift price decline from $0.232 down to $0.2266, catching many participants off guard, especially those who were anticipating a technical rebound from the $0.230 level.

Also Read: How Psy Is Bringing Solana And Dogecoin Together With Trustless Bridge

According to CryptoNews, Carter Feldman, CEO and founder of Psy, discussed how their trustless bridge connecting Dogecoin and Solana (CRYPTO: SOL) addresses issues related to cross-chain bridge's vulnerability to hacks and exploits.

While discussing the technicalities of the bridge, Feldman explained that it continually verifies the state of the Dogecoin chain on Solana.

He added that their approach allows Solana to cryptographically confirm Doge's state without trusting any intermediaries to perform the integration.

"We essentially take a snapshot of the Dogecoin chain at a certain height and transfer it to the Solana chain, where it is stored in a smart contract. At regular intervals, the bridge verifies if the snapshot on Solana corresponds to the current state of the Dogecoin chain. If there is a discrepancy, it means something went wrong, and the bridge will be paused until the issue is resolved," stated Feldman.

The startup CEO explained that the decision to bridge Dogecoin to Solana was driven by the goal of combining the security of proof-of-work with the programmability of proof-of-stake chains.

Fitbit is launching AI-driven cloud mining solutions in 2025, presenting a new tech-investment model for efficient cryptocurrency mining. These algorithms will optimize energy consumption, while select programs will be powered by renewable sources.

Its offerings will support cryptocurrencies like Bitcoin, Ethereum, and Dogecoin, allowing investors to diversify their portfolios accordingly and enjoy stable returns from cryptocurrency price fluctuations.

Despite rumors of cryptocurrency payments launching on X this week, the platform is still in limited beta testing with no sign of any coins being accepted.

What Next For DOGE Price Technical Analysis:

Dogecoin price has continued to decline after failing to break above the $0.2550 resistance.

The price is now testing the key support at $0.2429 and $0.2400. The bears broke the crucial support levels at $0.230 and $0.2260. It fell below the $0.2200 and tested a low of around $0.2157 before stabilizing.

On the hourly chart, DOGE is trading below the $0.2350 level. The 100-hour SMA is offering support near the $0.230. There is also a bullish trend line offering support.

The bears could face resistance at $0.230, followed by stronger barriers at $0.2350 and $0.2420. A decisive move above the $0.2420 resistance could open the way for a strong rally toward the $0.2550 resistance and, later, the $0.2640 resistance.

On the other hand, failure to break above the $0.2350 resistance could lead to further losses. The next major support levels are at $0.2200 and $0.2150.

A break below the critical $0.2120 level could trigger further declines toward the $0.20 or even $0.1840 levels in the near term.