Amid an exceptionally optimistic period for the majority of assets in the cryptocurrency market, Dogecoin (DOGE) has surpassed an important resistance level and continues to trade in the area around $0.20, with signs pointing to an even stronger move upward.
Specifically, Dogecoin seems to be mirroring the 2018-2021 chart pattern, which indicates the possibility that it is currently “at the very beginning of a massive parabolic bull run,” according to the observations shared by renowned crypto trading expert Ali Martinez in an X post on March 31.
Dogecoin price prediction
Indeed, should the crypto analyst’s predictions become true, the famous doge meme coin could soon surpass the next critical resistance at $0.40, moving further to $0.70 shortly afterward, and then to the new all-time high (ATH) at $1.20, possibly even to $12 towards the year’s end.
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As a reminder, Martinez shared similar predictions back in early March, arguing that Dogecoin “could hit $1 by mid-April (…) if history is any guide,” while, more recently, crypto market analyst Cryptollica observed a massive move upward on its macro long-term chart, as Finbold reported on March 27.
Why is Dogecoin going up?
Meanwhile, the popular doge meme coin is trading at the price of $0.2043, recording a 1.71% decrease on the day but nonetheless gaining 18.63% on its weekly chart, in addition to advancing 43.93% in the last month and racing 131.73% this year, as per the most recent data on April 1.
So, why is DOGE going up? One reason could be the upcoming ‘Doge Day’ on April 20, which its supporters will mark with various activities dedicated to its promotion and driving up its value, as well as the launch of DOGE futures on Coinbase, one of the largest crypto exchanges and brokers in the world.
On top of that, the Dogecoin network is recording increased activity, reflected in the number of DOGE holders amounting to nearly 7 million, partly thanks to the asset’s valuation and the Dogecoin Foundation’s rollout of GigaWallet v1.0, which aims to allow businesses to seamlessly integrate DOGE payments.
All things considered, these factors could help Dogecoin make the rally predicted by the above crypto experts, but things in this industry can sometimes shift dramatically, so doing one’s own research before investing a significant amount of money into any asset is critical.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
