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The Dogecoin price rally has exploded on Thursday, with the top meme coin surging by 15% in the span of 24 hours.
$DOGE is currently trading at $0.22 with a market capitalization of $30 billion. According to CoinMarketCap, Dogecoin currently has the 6th largest trading volume – worth over $6.4 billion – thanks to a 90% rise today.
Doge-based meme coins traditionally surge in the lead-up to Doge Day, which falls on April 20th. Last year, Dogecoin rallied over 50% as this date approached.
A new meme coin – Dogecoin20 – is set to launch on Doge Day and is generating significant hype. The token has already raised $10 million in its ICO and is being backed by traders to deliver up to 100x returns.
Expert Posts $1 Dogecoin Price Prediction For April
Popular crypto analyst Ali Martinez recently predicted the Dogecoin price to hit $1 in April in a post on X.
He highlighted that the top meme coin is replicating the same pattern that led to the 28,770% rally in 2020 – break out of a descending channel, consolidation and then the parabolic surge.
The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
— Ali (@ali_charts) February 23, 2024
Currently, #DOGE appears to be mirroring this pattern: having… pic.twitter.com/69yXnlYRJd
A number of factors are in favour of Doge, especially with Elon Musk reaffirming his support for the meme coin. Musk revealed that $DOGE payments will soon be accepted for Tesla EVs, which has led many to believe that the token will also be a part of the X platform.
Coinbase is also set to launch Dogecoin Futures trading from April 1, unless there is any last-minute objection from the CFTC. The significance of this development cannot be understated. As such, spot Bitcoin ETFs have already shown the impact of institutional involvement and Coinbase is the go-to platform for institutional traders in the US.
Dogecoin Price Analysis – Important Resistance And Support Levels To Watch
The Dogecoin price is outperforming every crucial moving average indicator in the daily time frame, earning a “Strong Buy” signal from TradingView.
As for the crucial S/R levels, the bulls would look to defend the $0.19 support, which would keep its bullish momentum in play. A monthly close above this level could kickstart a parabolic run in April.
The worst-case scenario for the bulls would be a retest of its macro downtrend line, which is currently at $0.12. Dogecoin has already confirmed a breakout about this level and has rallied 83% since.
$DOGE
— Rekt Capital (@rektcapital) March 28, 2024
Dogecoin has successfully retested its orange Bull Flag Top as new support to fully confirm the breakout
+77% since successfully retesting the blue Macro Downtrend as support#DOGE #Crypto #Dogecoin https://t.co/fRxoSQCTGL pic.twitter.com/oFek7L4ZJB
On the other hand, a breach of the $0.35 resistance level will pave the way for a new all-time high and eventually $1.
Could Dogecoin20 Outperform Dogecoin?
Dogecoin20 ($DOGE20) is an ERC-20 version of Doge and aims to be a more sustainable alternative to it.
The new meme coin has raised over $10 million in its ICO and is set to launch on Doge Day, right when the hype regarding doge-based meme coins will be at its peak. Investors have just over 22 days to buy the new meme coin, after which it will launch on popular DEXs.
The project claims to tackle Dogecoin’s flaws. It introduces on-chain staking to the ecosystem, allowing investors to earn passive rewards from the presale itself. According to its staking dashboard, the current reward rate is over 80% per annum.
DOGE20 also has a fixed token supply of 140 billion. 25% of the tokens will be distributed to the presale, marketing strategy and project treasury each. 10% of the supply will be allocated for exchange liquidity while the remaining 15% will be distributed as staking rewards over a two-year period.
The fixed token supply prevents inflation and is an improvement over Dogecoin’s infinite token supply.
Owing to its unique value proposition, analysts such as Jacob Bury and Matthew Perry believe that the meme coin could deliver up to 100x returns after its launch.
*Cryptonomist did not write the article or test the platform.
