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Dogecoin flies bullish flag as DOGE Day draws near; Targets $0.4

Dogecoin flies bullish flag as DOGE Day draws near; Targets $0.4

As the cryptocurrency market resumes its bullish run that has seen Bitcoin (BTC) climb back above the critical level at $70,000 and continue further up, Dogecoin (DOGE) is no exception, and its current chart patterns suggest even more impressive gains to follow for the doge meme coin.

Specifically, Dogecoin is demonstrating a bull flag on its daily chart and if it manages to break out of it, its next target might be at a massive $0.4, according to the most recent observations shared by pseudonymous crypto trading expert Trader Tardigrade in an X post on April 11.

Dogecoin price chart pattern analysis
Dogecoin price chart pattern analysis. Source: Trader Tardigrade

Dogecoin price prediction

At the same time, many are speculating on whether Dogecoin will enter a new parabolic run based on the optimistic sentiment surrounding the upcoming ‘Doge Day’ on April 20, during which its supporters will mark with various activities dedicated to its promotion and driving up its value.

Furthermore, the team of experts over at blockchain and crypto market intelligence platform IntoTheBlock has earlier pointed out that DOGE was up by more than 10% in the previous 30 days, and that it would need to “solidly break the $0.20” to continue.

Notably, this is where about 32,000 crypto wallets held 3.78 billion DOGE at a loss, and breaking through the above level could push to new highs, according to the platform’s data regarding addresses in/out the money around specific prices shared in an X post on April 9.

DOGE holders in/out of the money around price
DOGE holders in/out of the money around price. Source: IntoTheBlock

Why is DOGE going up?

Meanwhile, Dogecoin was at press time changing hands at the price of $0.192, which indicates a 3.59% increase in the last 24 hours, an advance of 4.92% across the previous seven days, and a more significant gain of 11.99% on its monthly chart, as per the latest data.

Dogecoin price 30-day chart
Dogecoin price 30-day chart. Source: Finbold

So why is DOGE going up? As it happens, in addition to the excitement over Doge Day being just around the corner, this crypto meme asset is also creating positive sentiment thanks to the rising number of Dogecoin millionaires, or DOGE wallets holding more than $1 million in DOGE.

On top of that, the return of the meme coin mania, during which assets like Shiba Inu (SHIB) and Pepe (PEPE) have also recorded significant gains, has affected the growth in price for the favorite cryptocurrency of Tesla (NASDAQ: TSLA) CEO Elon Musk.

That said, trends in the crypto sphere can sometimes change on a whim, which is why doing one’s own due diligence, investigating the asset, and weighing all the risks before investing a significant amount of money in any asset is essential.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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