Top meme cryptocurrency Dogecoin appears poised for a significant breakout that could catapult its price to a new all-time high – and potentially even $1.
The Dogecoin price is currently trading at $0.172 – up 6% over the past 24 hours. In the last 7 days, the Doge price has climbed up by 15% to reach the $25 billion market capitalization, data from CoinMarketCap reveals.
With the Bitcoin price currently consolidating, meme coins could once again emerge as the favourite cryptocurrencies for smart-money traders who are searching for higher volatility.
New meme coins – such as Dogecoin20 – are also in high demand in their respective presales. DOGE20 has quickly raised close to $8 million in its ICO and could emerge as a beta bet on Dogecoin when the latter explodes.
Why The Dogecoin Price Could Explode In April?
Dogecoin was mostly sidelined as other popular meme coins such as Pepe, Bonk and Dogwifhat created new all-time highs in February and March. However, the tide is now quickly shifting, with the top meme coin quickly shedding its “joke” status and gaining legitimacy.
Firstly, Doge’s biggest supporter Elon Musk reaffirmed his support for the meme coin earlier this month, something he had done rarely since finding himself amid the $258 billion Dogecoin insider trading lawsuit.
Addressing an audience of Tesla customers and investors in Berlin, Musk revealed that Tesla could soon start accepting Doge payments for its EVs. This also gave a boost to the claims that Elon will make Dogecoin an integral part of his X platform.
Furthermore, Coinbase Derivatives is set to launch $DOGE Futures trading from April 1st, unless there is an objection from the US Commodity Futures Trading Commission (CFTC). Coinbase called Dogecoin “a staple of the crypto world”.
Looks like BCH, LTC and DOGE futures go live April 1 on Coinbase pic.twitter.com/hI5Sc5BR26
— Scott Johnsson (@SGJohnsson) March 21, 2024
Finally, April 20th is known as the “Doge Day” and the top meme coin could see more bullishness around that date. Market research platform Layergg reveals that the significance of this date cannot be ignored, since meme coins typically react sensitively to such events.
Dogecoin Technical Analysis – When $1?
The Dogecoin technical analysis further supports the sentiment that the top meme coin is on the cusp of a major breakout. Doge is outperforming every crucial moving average indicator in the daily, weekly and monthly time frames.
According to crypto analyst Rekt Capital, the multi-year macro downtrend for the Dogecoin price is over and the macro uptrend is fully confirmed. Doge is currently in the process of creating a “bull flag”, which could result in its price surging towards new highs.
$DOGE
— Rekt Capital (@rektcapital) March 23, 2024
The Macro Downtrend is over (blue)
A new Macro Uptrend has been confirmed#DOGE #Crypto #Dogecoin https://t.co/42GAr8HP0W pic.twitter.com/IYdgGyBZoj
The DOGE/ETH trading pair also appears poised to break out of a bullish falling wedge.
Analysts believe that the Dogecoin price is currently facing one last resistance at $0.19. A monthly close above this level paves the way for Doge to hit a new all-time high in April.
As such, popular trader Ali Martinez revealed that Dogecoin is mirroring the same bullish pattern as it did in 2020 before skyrocketing by 28,770%. If history repeats, the Doge price could hit $1 in April itself.
Could New Meme Coin Dogecoin20 Offer 100x Returns?
Meme coins tend to move as a group, with many of the smaller tokens acting as beta plays on the larger coins. The Dogecoin price rally would also give a strong boost to new meme coins such as Dogecoin20, which analysts such as Jacob Bury believe could deliver up to 100x returns.
DOGE20 aims to offer a newer, more sustainable alternative to Dogecoin by tackling some of its flaws.
For instance, the new meme coin introduces on-chain staking to the Dogecoin ecosystem. Investors can start to stake their holdings in the presale itself and accrue passive income, currently at an APY of over 130%. DOGE20 has allocated 15% of its token supply to be distributed as staking rewards, which will be disbursed over 2 years.
Similarly, Dogecoin20 has a fixed token supply of 140 billion, instead of the infinite token supply in Dogecoin that has led to inflation. Finally, DOGE20 is an ERC-20 token, making it extremely easy to buy, store and trade using popular Ethereum wallets such as MetaMask.
Unsurprisingly, the new meme coin has quickly raised close to $8 million in its ICO, signifying strong early demand. Interested buyers can easily purchase Dogecoin20 from the over-the-counter widget available on the project website by swapping ETH, BNB or USDT tokens or through a bank card.
