• 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

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

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. 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

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

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