- Dogecoin is in green today because April 20th is ‘Doge Day’.
- The meme coin’s technicals indicate bullish momentum.
- Billionaire CEO Elon Musk continues to support Dogecoin.
Cryptocurrencies at large haven’t done all so well over the past 24 hours. But there’s one that seems to be bucking the trend – and that’s Dogecoin.
Dogecoin technicals indicate upward momentum
Dogecoin is in the green this morning as April 20th – the “Doge Day” influenced the overall investor sentiment.
Nonetheless, a brief look at the technicals indicate that there may be more upside to unravel in this meme coin moving forward.
To begin with, Dogecoin has just had its 30-day moving average climb above the 200-day that typically signals bullish momentum. On top of that, its RSI or the Relative Strength Index has crossed 60 suggesting a further increase in price is likely.
Year-to-date, Dogecoin is up roughly 30% at writing.
Elon Musk continues to support Dogecoin
Another potential reason to own Dogecoin continues to be the support it consistently receives from Elon Musk. Remember that the billionaire recently partnered Twitter with eToro to enable crypto trading on the platform.
More importantly, it could be a significant tailwind for the meme coin if it ends up finding a spot in the digital payments plans that Twitter disclosed in January.
Earlier this month, Musk also replaced Twitter’s iconic bird logo with a picture of the Shiba Inu dog that stimulated a debate around his plans for Dogecoin.
Could today – the “Doge Day” be the day that he reveals any such plans? That remains to be known for now!
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Dogecoin, the cryptocurrency that started as a joke and first came to prominence due to a popular internet meme, is back in the spotlight and being embraced by the crypto community.
The resurgent interest in Dogecoin is being fueled by the #DogeDay Easter Monday, with proponents collectively pushing the price of the cryptocurrency up by almost 10%. Prices have been steadily increasing since Sunday night, a clear indication that sentiment for Dogecoin remains strong, despite a flurry of bearish news in the cryptocurrency space.
Dogecoin has been the subject of much ridicule in the past, but its status as the most popular meme-coin has given it a resilience even in the face of wild price volatility. Dogecoin’s fundamentals remain strong and its scalability more than meets the needs of its users and developers. This, coupled with a newfound interest from new investors, has helped to sustain the upward momentum for Dogecoin.
The recent increased demand for Dogecoin has seen miners become more active and lead to an increase in transaction volume. The higher transaction volumes suggest that Dogecoin buyers are indeed buying into the strength of Dogecoin, expecting the price to remain at or above its current level.
As seen in the past, one can’t rely on the transient hype behind Dogecoin to determine its long-term trajectory. What’s clear, however, is that the almost cult-like following that Dogecoin has attracted means that Dogecoin is still at the epicenter of the cryptocurrency space.
Its popularity and current surge in price is likely to encourage further interest from traders and provide a platform for more mainstream crypto adoption. For those investors looking to buy into the strength of Dogecoin, now might be the ideal time.
