Dogecoin price provides DOGE holders last opportunity before 45% rally
|- Dogecoin price could trigger a massive upswing on April 20 due to the 420 hype.
- Investors can expect DOGE to rally 22% - 45% targeting crucial hurdles.
- On-chain data agrees with the technical aspects and forecasts a move to $0.1270.
- A daily candlestick close below $0.0800 will invalidate the bullish thesis.
Dogecoin price attempts to move higher but is currently facing a notable hurdle. Clearing this blockade will open the path for DOGE to travel higher. Additionally, tomorrow is April 20, aka 4/20, which is a celebration day associated with Cannabis and memes.
Considering Twitter CEO Elon Musk is a huge fan of memes and Dogecoin, investors can expect a name drop which could catalyze a bullish move for DOGE.
Read more: Should you buy PEPE, DOGE, SHIB and other meme coins before April 20? Will Elon Musk come through?
Dogecoin price ready to explode
Dogecoin price has been stuck inside the $0.0712 to $0.1080 range for nearly three months. The recent uptick in buying pressure has pushed DOGE higher and is currently attempting to overcome the range’s midpoint at $0.0896.
A successful flip of this hurdle into a support floor could be enough to catalyze a Dogecoin price move to retest the range high at $0.1080, which would constitute a 22% gain for DOGE holders. This development would put the dog-themed crypto at an inflection point.
A decisive daily candlestick close above $0.1080 will confirm the presence of bulls and could propel to the next hurdle at $0.1276, bringing the total gain for Dogecoin price to 45%
DOGE/USDT 1-day chart
Adding credence to this bullish outlook is the large chunk of support levels as seen in IntoTheBlock’s Global In/Out of the Money model. This cluster of “In The Money” investors extends from $0.0748 to $0.0891, where roughly 598,000 addresses purchased nearly 38 billion DOGE tokens. So a sudden slide in Dogecoin price is likely to be offset by the buying pressure of these accumulating investors.
Additionally, the blockades of “Out of The Money” investors pale in comparison to the support clusters. The first cluster of underwater investors extends from $0.0891 to $0.0956, and the second cluster is $0.0956 to $0.1459. Between these two ranges, 500,000 addresses that purchased nearly 14 billion DOGE are at a loss.
So the selling pressure posed by these two hurdles, albeit low, could form local tops, hence serve as a good place to book profits. Interestingly, these levels coincide with ones prescribed from a technical perspective.
DOGE GIOM
While all signs point to an optimistic outlook for Dogecoin price, a daily candlestick close below $0.0800 will invalidate the bullish thesis. This move will skew the odds in bears' favor and potentially trigger an 11% correction to tag the range low at $0.0712.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.