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The weekend crypto price action was pretty flat across the board, but one major meme coin is getting attention, and that’s the king Dogecoin. With a 16% pump, DOGE has outperformed most other meme coins this week and is looking to continue its positive momentum in April ahead of a few important dates for DOGE.
Meanwhile, a new meme coin alternative called Dogecoin20 (DOGE20) has had a strong start to its presale, raising over $8.5 million in March with a hard cap set at $10,068,663.
Notable dates for Dogecoin in April
Coinbase International is set to launch $DOGE futures trading on April 1st, potentially fueling more interest in the meme coin. Additionally, April 20th is known as ‘Doge Day,’ where the crypto world celebrates the not-so-serious origins of Doge, honoring the 420 meme. The recent tendency of meme coin prices to react sensitively to such events is important to keep in mind.
DOGE was lagging behind other major meme coins like SHIB, WIF, FLOKI, and PEPE in late February and early March when meme coin mania started. While most of these coins saw 5-6x or more gains, DOGE experienced a roughly 2x jump, increasing from around $0.09 to $0.2.
However, due to the upcoming Coinbase futures and the important DOGE day, the spotlight seems to be shifting back to DOGE now, as most meme coins have lost value amid a broader crypto market correction last week, while DOGE is up around 16%.
Dogecoin Price Predictions
DOGE is trading slightly above $0.17 at press time.
Based on the DOGE/USDT chart, we can see that following the pump in late February, DOGE has been trading in a sideways channel (between the blue lines) ever since, ranging from $0.12 to $0.2, a level where the price got rejected in early March and has failed to breach since.
Breaking the $0.2 resistance would be the next target for DOGE. The $0.21 resistance is in line with the $1.618 Fibonacci extension level, which represents a key level calculated using Fibonacci ratios based on previous price movements.
A more ambitious target for DOGE, based on Fibonacci extensions, is set at $0.32, in line with the 4.236 Fibonacci extension level. These levels are calculated using Fibonacci ratios applied to the previous price swing and can act as potential resistance or support levels.
On the flip side, $0.13 now acts as support, in line with the 0.786 Fibonacci retracement level. If any major crashes occur, DOGE would have to hold the $0.087 level, as this is now the 200-day moving average, an important long-term trend indicator.
Other technical indicators scream bullish too. For example, the Relative Strength Index (RSI) is at 59, indicating that the asset is not overbought or oversold. Additionally, the Moving Average Convergence Divergence (MACD) line is above the MACD signal line, suggesting a bullish trend.
Based on this analysis, if DOGE can break the $0.2 resistance, it could potentially target the $0.21 and $0.32 levels, fueled by the upcoming Coinbase futures launch and DOGE Day. However, it would need to hold the $0.13 and $0.087 support levels in case of any significant market corrections.
Dogecoin20 (DOGE20) nears presale completion
Dogecoin20 (DOGE20) is a dog-themed project that combines meme culture with a staking protocol for earning passive income. This project has raised over $8.5 million so far within just over a week of its launch, with a hard cap now left with $1.5 million more to be raised before the presale is sold out.
A total of 53 billion DOGE20 tokens will be sold in the presale, which makes up 38% of the total supply of 140 billion. In contrast to Dogecoin, which has an infinite supply, Dogecoin20 has a capped supply to prevent inflation and dilution.
Those currently staking their $DOGE20 are earning over 100% Annual Percentage Yield (APY) on their holdings. The high APY is designed to incentivize users to stake their $DOGE20 tokens, helping reduce selling pressure on the open market when the project launches.
The team has set aside a generous 15% of the total $DOGE20 token supply to provide rewards to stakers over the next two years. Additionally, 12.5% of this allocation will be distributed to stakers in the first year, incentivizing holders to start staking earlier, while 2.5% will be distributed in the second year. Early buyers of DOGE20 can start earning staking rewards from the presale itself.
As mentioned, 38% of the supply is reserved for the presale, 10% for liquidity, and 37% for marketing. This distribution aims to ensure sufficient liquidity and funding for promotional efforts to drive awareness and adoption of the DOGE20 token.
The DOGE20 token is greener and more versatile than the original Dogecoin because it runs on Ethereum’s Proof-of-Stake network, which is easily accessible and does not require a Proof-of-Work mining setup. As an ERC-20 token, it is also easy to store in any popular self-custody wallet.
Conclusion
All in all, Dogecoin (DOGE) seems to be gearing up for potential price movements ahead of the Coinbase futures launch and the DOGE Day celebration on April 20th. While DOGE has been trading in a sideways channel, a break above the $0.2 resistance could trigger further upside towards $0.21 and $0.32, based on Fibonacci extension levels.
On the other hand, Dogecoin20 (DOGE20) is a new meme coin alternative that has garnered attention among meme coin enthusiasts, raising over $8.5 million in its presale so far. With a capped supply, staking rewards, and a focus on passive income, DOGE20 aims to address some of the inflation and utility concerns associated with the original Dogecoin.
*Cryptonomist did not write the article or test the platform.
