The Dogecoin price is hours away from securing a weekly close above the $0.19 level – a crucial test of its bullish strength.
This puts Doge back onto the trajectory of hitting a new all-time high and even the $1 mark in April. The top meme coin is currently trading at $0.193, with a market cap of just under $28 billion.
I want the bulls to reclaim 0.19c on the weekly time frame. Another day to go and a very important close pic.twitter.com/DKU8w5Dvhi
— Crypto Tony (@CryptoTony__) April 6, 2024
A new meme coin Dogecoin20 is also set for an explosive launch on 4/20 – also widely known as the Doge Day. A few experts are even backing DOGE20 to deliver up to 100x returns after its launch.
Why Doge Sentiment Has Turned Extremely Bullish?
The social media sentiment regarding Doge is extremely bullish once again. Crypto influencers are backing the top meme coin to hit a new all-time high while whales are looking to buy Dogecoin and make long bets on it.
TheCoinMonitor X account reveals that a crypto whale opened a ~$800k long position for Doge at the price of $0.197 on Binance Futures. According to on-chain data platform Coinalyze, the Doge long/short ratio is currently 2.35, an indication that traders expect the meme coin price to rally in the next few days.
As such, the Dogecoin price has surged by 6% today on Sunday and 18% in the past 30 days. While it is still down 12% from its April high of $0.223, its current trajectory could see the token surpass that price point early next week.
The upcoming Doge Day is playing a significant role in the top meme coin’s bullish price action. Doge and other dog-themed meme coins displayed similar strength in previous years as well, rallying by 50% in 2023.
Bulls are also hoping for another boost from Elon Musk. The billionaire revealed earlier in March that Doge payments would soon be allowed for Tesla EVs.
Can Dogecoin Price Hit A New All-Time High In April?
Prominent analysts such as Ali Martinez recently backed the Doge price to reach a new all-time high in April, citing the meme coin replicating the same bullish structure as it did in late 2020.
I feel my fellow degens have been distracted with the new shiny #memecoins, but #Dogecoin remains the most important #altcoin in this sector.
From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb
— Ali (@ali_charts) March 31, 2024
Another analyst Trader Tardigrade reveals that a bullish MACD crossover has flashed on the weekly Dogecoin price chart, another signal that has previously preceded new highs.
This bullish thesis remains in play as long as Dogecoin continues to hold above the $0.19 support. Experts reveal that Doge now faces only one crucial resistance on its way to a new all-time high – the $0.45 price level.
The DOGE/BTC trading pair is also a reason for optimism in the bulls. The chart reveals that Dogecoin is set to make a bullish breakout against Bitcoin in the daily time frame.
Analysts Believe New Dog Meme Coin Dogecoin20 Poised For 100x Launch
While the Dogecoin price is expected to skyrocket in the lead up to Doge Day, a new meme coin Dogecoin20 is set for its highly-anticipated launch.
DOGE20 is already in high demand, raising over $10 million in its presale in just over a week. It is an ERC-20 alternative to Doge, offering several in-demand features such as on-chain staking.
Indeed, presale buyers have already been accruing passive income. According to the DOGE20 staking dashboard, the new meme coin is currently offering an APY of 54%. However, the yield percentage is set to drop as an increasingly higher number of tokens are staked.
The Dogecoin20 whitepaper also reveals that the new meme coin has a fixed token supply – a supposed improvement from Dogecoin’s infinite supply that could lead to inflation. Being an ERC-20 token, DOGE20 is also an easy meme coin to buy, store and trade using popular Ethereum wallets such as MetaMask.
Owing to its unique value proposition, several YouTube trading experts such as Jacob Bury have backed Dogecoin20 to potentially deliver 100x returns after its launch.
The post Could the Dogecoin Price Hit $1 This April as Dogecoin20 Gears For Explosive Launch appeared first on Finbold.