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- The DOGE community eagerly anticipates a potential “meme pump” on April 20.
- Dogecoin traders dubbed April 20th as “Dogeday” as the day is closely associated with the meme-coin.
A popular crypto analyst reminded followers that 4/20 is a few days away, suggesting a possible meme pump for Dogecoin. The dog-themed meme-coin has been closely associated with the date April 20 since its inception in 2013. The number 420 in itself is a popular meme within the internet culture. In 2021, Dogecoin traders named this day “Dogeday,” with an aim of raising the token price to $1. The DOGE community is expecting that the upcoming 4/20 date will help the cryptocurrency recoup bullish momentum and reach $1.
Dogeday Rally Ahead
Source: DOGE/USDT by TradingView
DOGE price forms a rising trendline taking support at $0.08135. The present price returned temporarily as it faced rejection at $0.09600. The uptrend momentum can continue, as the community is pumped up for the April 20th rally. The Bollinger Bands diverge to signify continuing volatility in Dogecoin. The current price action occurs above the EMA ribbon indicating bullish sentiments. The rising OBV supports the projected rally for DOGE price.
Source: DOGE/USDT by TradingView
The Super Trends suggest a flat bull trend, which can swing further up if the projected rally occurs. The CCI shows a contracting difference between the present DOGE price and historical prices. The MACD converges from a positive crossover and records descending buyer bars in the region above the zero-histogram mark, which can widen upon the breakout. The RSI drops to reflect the present fall of more than 8% in the price.
Source: DOGE/USDT by TradingView
In the smaller time frame, DOGE price displays the present fall and bulk selling. The Super Trends suggest a flat bullish trend which may be breached due to the present rally. The CCI drops to the negative zone signifying a negative gap between present prices and historical prices. The MACD undergoes a bearish divergence and records a tall seller bar in the negative zone. The RSI drops to 40-range reflecting drastically growing seller interest in DOGE. The smaller time frame highlights the present dip of more than 8% within a few hours.
Conclusion
The Dogecoin price displays high volatility as the community anticipates a rally on the occasion of Dogeday, but the price seems to have a different plan. The DOGE price marks a downtrend with a fall of more than 8% within a few hours. The volume shows a prevailing selling pressure which can hamper the projected rally. The holders of Dogecoin can rely on the support near $0.08135.
Technical levels
Support levels: $0.08135 and $0.07295
Resistance levels: $0.09600 and $011455
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
