Dogecoin (DOGE) Price Hits $0.20 as Doge Day Approaches; Is $1 Incoming?

People are getting more excited as Doge Day, slated for April 20, gets closer. In reaction to this excitement, Dogecoin pumped from a low of $0.16 on April 05 to above $0.20.

As of 05:25, Dogecoin trades at $0.205, reflecting a 5.6% 24-hour increase. The bulls also dominate the longer timeframes. According to the crypto price tracker, Doge has recorded a seven-day increase of more than 7%, with a 9% 30-day price gain. 

With the massive bullish pressure, Dogecoin’s market Cap of $28 billion is a few inches from flipping USD Coin‘s just over $32 billion. But can DOGE sustain the bulls to reach $1 in the coming days? Let’s find out more!

Dogecoin Price Analysis – Is $1 Possible?

Dogecoin’s weekly chart suggests a strong bullish trend. Interestingly, the market has formed a symmetrical triangle pattern, indicating a period of consolidation before the next directional move.

This pattern presents an opportunity for Dogecoin investors. Traders often wait for the breakout from the triangle before entering positions. A breakout above the triangle’s upper trendline indicates the uptrend is resuming, presenting a bullish entry point.

Should Dogecoin achieve that upside breakout, its next major point of interest is around $0.35, which has resisted further ascent since August 2021. Notably, Dogecoin hitting $0.35 from its current level will represent an increase of about 70%.

The technical indicators already show bullish signals brewing, with the SuperTrend indicator displaying a buy signal. Also, the RSI reading of 79 means the bulls are actively in control.

Given the triangle pattern and bullish signal, two scenarios could play out. Aggressive traders may buy now, anticipating the upside breakout. On the other hand, conservative investors could wait to confirm Dogecoin’s breakout above triangle resistance before pulling the trigger.

Whichever approach is taken, the setup appears ready for big gains if Dogecoin can sustain its bullish trajectory. Based on this analysis, hitting $1 is possible, but the coin must perform well to reach this level.

Dogecoin (DOGE) Shows Potential for New Record Highs, Insights from IntoTheBlock

According to IntoTheBlock’s April 9 X post, Dogecoin (DOGE) might be gearing up to reach new record price levels. However, for DOGE to set fresh all-time highs, it must first break convincingly above the $0.20 resistance level. 

Dogecoin is looking for a new yearly high!$DOGE is currently up by more than 10% in the last 30 days. To continue this trend and move to new highs, Dogecoin needs to solidly break the $0.20 level, where 32k addresses hold 3.78B $DOGE at a loss. pic.twitter.com/oFTaZ1FOEn

— IntoTheBlock (@intotheblock) April 9, 2024

Interestingly, even at its present level, 80% of Dogecoin investors are already in profit positions. With most Dogecoin holders in profit, there may be less selling pressure. 

Furthermore, IntoTheBlock data shows around 32,000 addresses currently hold almost 4 billion DOGE at an unrealized loss based on current prices. If this bullish sentiment continues building, DOGE’s chances of mustering the strength for a breakout above $0.20 are high.

Top Crypto Analyst Bullish on DOGE

In a recent X post, renowned crypto trader and analyst Rekt Capital thinks Dogecoin’s next big price increase will happen soon. He says Dogecoin is testing the $0.20 level to see if it can stay above it. 

The trader noticed a part of the monthly chart suggesting Dogecoin might be retesting the orange “bull flag” pattern formed on the weekly chart. Based on Rekt’s analysis, this pattern shows that the price could go up soon. 

Before this, the trader had warned that DOGE’s price might be unpredictable, around $0.20. But if Dogecoin can break above $0.20, it could go even higher, possibly reaching $0.30 or more. 

Meanwhile, Rekt Capital isn’t the only one who thinks Dogecoin’s big move to $1 is imminent. In a different X post, analysts like Mikybull Crypto also think Dogecoin’s big rally is about to begin.

While traders anticipate DOGE’s next big move, a new player, Dogecoin20, is giving meme coins a run for their money. 

Introducing Dogecoin20: The Fun and Rewarding Meme Coin

Dogecoin20 (DOGE20) is set to make a big splash this month with its listing on Uniswap on Doge Day. The market is abuzz with anticipation as traders speculate a 100x surge from DOGE20’s initial presale price after the listing.

Dogecoin20’s Strategic Launch: Riding the Wave of Doge Day Excitement

Dogecoin20 is a fun and rewarding meme coin developed based on the ERC-20 standard. Despite its simplicity, Dogecoin20 offers interesting ways to earn for investors. 

With a staking feature, holders can earn an impressive 49% APY on their tokens. Unfortunately, this APY will keep reducing as more people enter the platform, so investors must act fast to avoid missing out.

Dogecoin20 has a capped token supply of 140 billion. Such a supply cap aims to avoid the inflation concerns that plagued the original Dogecoin.

Moreover, the timing of DOGE20’s launch is strategic, coinciding with the Doge Day frenzy on April 20. Usually, this day is like a carnival for meme coin enthusiasts, fostering a climate of excitement and frenzied trading. 

The Dogecoin20 team aims to capitalize on the existing enthusiasm and generate even more buzz by aligning its launch with a much-anticipated event. This positive buzz could attract more buyers, which will likely increase prices.

Dogecoin20 has already garnered significant attention, backed by robust figures ($10 million) in its presale, which ended just a week ago. While the presale has ended, buyers can still acquire DOGE20 at $0.00022 per token before it goes live on Uniswap.

Notable influencers believe the project could surge 100 times in value if investor interest remains high. To get in on the action, interested parties can participate in the presale before the token’s Uniswap launch.