Dogecoin (DOGE) has seen a 20% increase in value in the last week, creating anticipation for the highly anticipated ‘Doge Day’ celebration. As supporters gathered behind the digital asset, the meme-inspired cryptocurrency—well-known for its lively community and viral social media presence—saw a spike in trading volume and investor interest.
Several factors, including the increasing buzz on social media, celebrity endorsements, and the excitement surrounding the impending ‘Doge Day’ celebration on April 20, contributed to the positive development seen in the price of Dogecoin.
With a current market capitalization of $28,882,211,080, the coin recorded $3,631,785,774 in trading volume in the last 24 hours. This communal promotion has proven the collective strength of the Dogecoin community to elevate the coin’s status from its initial mushroom stage to a viable investment choice for both individual and institutional investors.
Analysts Optimistic, Expects Dogecoin to Cross the $0.3 Price Level
DogeDesigner said on March 29 that DOGE’s price might hit $0.69 due to the strong positive trend. Dogecoin fans were captivated by this audacious forecast, which added to the increasing confidence regarding the cryptocurrency’s possible price growth in the future.
In its recent statement, Rekt Capital, an industry analysis firm, said it expects the coin to move toward the $0.3 price mark. It noted that the coin had crossed the age-long resistance, ending its macro downward trend and starting a whole new macro upward movement.
The analysis added that should the Dogecoin monthly movement close beyond the $0.20 price level (red), it will definitely regain its historical support, which may provide more motivation to move toward the $0.30+ threshold.
However, the spike in Dogecoin’s value highlighted the increasing acceptance and usage of cryptocurrencies by the general public and the ability of social media and online communities to affect market dynamics.
Dogecoin Recent Rally Extents to Memecoins, Dog Day Intentions Explained
The purported Doge Day is slated for April 20 and holds major relevance in the dodge community and the cryptocurrency industry at large. The Doge Day has been described as a day when Dogecoin proponents converge to celebrate and portray the coin’s value.
The day is filled with many activities, including aggressive buying, selling, and storage of the Dogecoin. Its sole purpose is to push the coin’s value to an all-time high. The April 20th celebration of Dogecoin coincided with the informal marijuana celebration, also called the “420” holiday. The said date has added a cultural relevance to the event, considering the hype it has generated.
A prominent cryptocurrency trader, Jelle, said that Dogecoin looks good for a bullish run, considering its current condition. In his X post, Jelle said that Dogecoin is on the move again, making way for other dog memecoins to rally on the same lane. However, Shiba Inu and FLOKI were the most favoured at the last price rally. Thus, a repeat is expected.
Dogecoin Crosses 0.10 Support Level, Moves Towards $0.094
Data from Tradingview reported that Dogecoin had reached a price level of $0.081 and $0.094. This shows that major buying activities have been going on, hence stopping a price decline. There has been a major support price level at 0.10, with no rapid resistance. This signifies major price stabilization and viable prevention of fluctuations.
The technical analysis reflects the exact price milestones working as a resistance following when the coin breached the $0.10 price level. This also extends to the “Standard Deviation Resistance” (Price 1), which is currently at 0.229990, with its 52-week High recorded at 0.228323, and 0.228323 at its 13-week High, and finally 0.228323 during its one Month High.
CryptoWizzardd said that Dogecoin could generate huge activity in three to four weeks. Without an exact price target, the platform did not specify the expected price level but mentioned $0.44 as the potential market level. The stipulated price mark represents a 109% increase from the latest price, indicating a potential bullish trend for the Dogecoin from next week.
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