Dogecoin (DOGE) price is once again outperforming major cryptocurrencies. After a massive drop in March 2023, DOGE price has made a strong comeback. The price surged by 8.72% last week and has gained even more momentum this week. The positive price action can be attributed to an upcoming community event known as DOGE Day.
DOGE price is having a great start to the week. After a 1.06% price hike on Monday, the price continued to rally on Tuesday. At the time of press, the biggest memecoin is changing hands a $0.093 after rising by 1.72% during the London session.
Just recently, Twitter CEO, and staunch supporter of Dogecoin, Elon Musk, replaced the Twitter bird logo with the DOGE logo. The tech billionaire made the change in reference to an old suggestion by a Twitter user. However, after remaining in effect for a couple of days, the logo was changed back. This led to a sell-off in DOGE coin, as a large part of the community expected the change to be permanent.
In other Dogecoin news, the community is loading up their bags in anticipation of April 20, which is regarded as a DOGE Day. This is the primary reason behind the latest price surge, which has resulted in 15% gains within the last 7 days.
On technical grounds, there is still some room for the price to go up from here. However, there is also a very high chance that April 20 will turn out to be a sell-the-news event. Many small investors are buying into the hype without any particular targets or stop loss in sight. If you are one of these investors, then it might be a good idea to keep the stops below $0.082, which is the 200 MA on the daily chart.
Considering the current state of the chart, the Dogecoin price prediction of $0.098 seems quite likely in the coming days. This level is the next major support on the 1D chart and might result in a pullback. A reclaim of this level can send the price straight to $0.11.
In the meantime, I’ll keep posting my updated SHIB & Dogecoin analysis in my free Telegram group that you’re welcome to join.
This post was last modified on %s = human-readable time difference 12:24