• Dogecoin price could rise over 20% if the Starship launch succeeds on April 20.
  • DOGE has history of benefiting from a positive tweet from Elon Musk’s SpaceX, rising almost 10% around January 10.
  • The bullish thesis will be invalidated once the meme coin records a daily candlestick close below $0.0800.

Dogecoin price (DOGE) has been on an uptrend since around March 10, with bulls leading the market and taking DOGE above key hurdles. Many factors have played a role in the meme coin’s rally, including a recent move by Twitter CEO, Elon Musk, to switch the Twitter logo from the traditional bird to a Shiba Inu dog, the alt season, and the latest Bitcoin dominance.

According to experts, however, the next uptick in Dogecoin price will be determined by the April 20 event, dubbed 420 or 4/20, the ‘Doge Day.’ The important date could see Musk’s SpaceX launch Starship, the first fully reusable and most powerful space rocket in history. Starship will carry both people and cargo to Mars or the moon.

Dogecoin price ready for an April 20 explosion

Dogecoin price could explode after the Starship launch, scheduled for April 20, following a three-day delay due to a frozen pressurant valve in the booster stage. While the launch may still delay, the DOGE community remains hopeful and will likely retain the same hype after the event. This comes as the meme coin could still be showcased, as was the case during the Texas Gigafactory launch event. At the time, over 15,000 guests saw a Doge mascot made up of drones appearing in the sky.

The expected rally for Dogecoin price comes as analysts predict a surge in buyer momentum for DOGE, which could initiate a price uptick. During the peak of fall, the altcoin soared almost 10% following a reassurance by SpaceX that all was well.

For the moment, the altcoin appears to be readying for a breakout while giving investors a chance to buy DOGE at low prices.

Also Read: Dogecoin price provides DOGE holders last opportunity before 45% rally

Buying pressure could increase the Dogecoin price to confront the $0.10 resistance level before a possible neck up to $0.11. Such a move would denote an upswing of about 25%. In a highly bullish case, DOGE could reach further to tag the $0.12 resistance level, constituting a 40% climb from the current price.

DOGE/USDT 1-day chart

On-chain metric to support the bullish thesis for Dogecoin price

On-chain metrics from IntoTheBlock’s Global In/Out of the Money (GIOM) support the bullish narrative for Dogecoin price. This fundamental index identifies investors’ average purchase price of a cryptocurrency versus its current price. The statistical model analyzes crypto addresses (wallets) that bought at an average price above or below the current market price.

Based on the GIOM index, robust support was downward between the $0.05 and $0.07 range. This is where around 519,530 addresses bought 44.73 billion DOGE at an average price of $0.06.

Further, Santiment data shows an increased interest in Dogecoin over the last three months, indicating a sizable growth in the network. Network growth helps gauge the number of new users joining a cryptocurrency ecosystem.

Generally, rising network growth leads to a rising price of any project over time. 

Still, the DOGE price could face selling pressure that would challenge the bullish thesis. Loss of the  $0.08 support level could send the meme coin to revisit the March lows around $0.07.


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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP