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Key highlights:
- Dogecoin is now up by an impressive 465% over the past week alone as it trades around $0.42.
- The cryptocurrency continues to gain promotion from Elon Musk and merchant partners.
- Against Bitcoin, DOGE continues to climb as it looks to break the highs at 775 SAT.
Buy Dogecoin on Binance
| Dogecoin price | $0.42 |
|---|---|
| Key DOGE resistance levels | $0.45, $0.492, $0.5, $0.522, $0.556 |
| Key DOGE support levels | $0.4, $0.355, $0.3, $0.25, $0.20 |
*Price at the time of writing
Dogecoin is now up by an incredible 465% over the past week of trading as the cryptocurrency now trades at around $0.42. The growth of Dogecoin in recent weeks has been absolutely outstanding with the help of billionaire investors such as Elon Musk and Mark Cuban.
Musk’s first Tweet about Dogecoin was in April 2019 when he mentioned that Dogecoin might be his “fav” cryptocurrency. Since then, he has been Tweeting about his love for Dogecoin throughout 2021, and it has helped the coin surge by a total of 4,500% over the past three months.
The latest price surge came after Musk Tweeted another meme with Dogecoin “Barking at the Moon”:
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Musk’s 50 million followers have certainly helped Dogecoin rocket these past few months, and it can be expected to continue if the billionaires continue to promote it.
The other billionaire mentioned is Mark Cuban, who recently announced last week that his Dallas Mavericks basketball team would keep all the Dogecoin earned from selling merchandise in their online store.
In addition to this, the Dogecoin community has branded April 20th as Doge Day. Usually, 4/20 is allocated to a “Cannabis” day, but it seems Dogecoin has started to take it over. The promotion for Doge Day has drawn attention from high profile brands such as Snickers;
Guess what day it is? #DogeDay. Tomorrow? #DogeDay420 ? (not an actual Snickers pack, just a cool #doge gif) pic.twitter.com/9GAeFsRJU9
— SNICKERS (@SNICKERS) April 19, 2021
Furthermore, Newegg also recently announced that they would now be accepting Dogecoin as an official payment on their website;
We are now accepting #dogecoin as an official payment method via BitPay.
— Newegg (@Newegg) April 20, 2021
Simply click "Edit" in the payment section during checkout, select @BitPay, and complete your transaction.
Happy #DogeDay to all, let's share the good news ?https://t.co/Fht42HlwTi pic.twitter.com/VoBKip1nqQ
Dogecoin is now ranked in the 5th position as it currently holds a whopping $54.3 billion market cap.
Dogecoin Price Analysis
What has been going on?
Looking at the daily chart above, we can instantly see the incredible growth for Dogecoin in April. The coin was trading at $0.05 at the beginning of the month and shot to a new ATH price at $0.45 last week.
Since hitting the ATH, Dogecoin dropped slightly into the support near $0.25 and started to rebound higher from there. Yesterday, $DOGE printed its highest daily closing price above $0.4, and it continues to edge higher today while the rest of the market is seeing price declines.
Dogecoin price short term prediction: Bullish
DOGE is strongly bullish right now. The cryptocurrency would have to drop beneath $0.2 (.618 Fib Retracement) to be in danger of turning neutral in the short term. It would need to continue further beneath $0.08 (100-day EMA) to turn bearish again.
If the sellers do push lower, the first level of support lies at $0.4. This is followed by support at $0.355 (.236 Fib Retracement), $0.3 (.382 Fib Retracement), $0.25 (.5 Fib Retracement), and $0.2 (.618 Fib Retracement).
Where Is The Resistance Toward The Upside?
On the other side, the first level of resistance lies at the ATH price of $0.45. If the buyers push above there, the first level of resistance lies at $0.49 (1.272 Fib Extension). Beyond $0.5, resistance is expected at $0.522 (1.414 Fib Extension), $0.557 (1.272 Fib Extension - yellow), $0.6, and $0.613 (1.414 Fib Extension - yellow).
If the bulls continue to drive Dogecoin above $0.65, resistance is expected at $0.695 (1.618 Fib Extension), $0.725, and $0.75.
What has been going on?
The situation is fairly similar for DOGE against Bitcoin. The coin was trading just at 100 SAT at the beginning of the month as it started to push higher on the 13th of April. Last week, it managed to penetrate above resistance at 200 SAT as it exploded to 750 SAT.
During that surge, Dogecoin was unable to close a daily candle above the resistance at 500 SAT and ended up dropping as low as 400 SAT on Saturday. It quickly rebounded from this support and created a new ATH price yesterday, 774 SAT.
Today, Dogecoin is edging higher as it attempts to create new highs against Bitcoin.
Dogecoin price short term prediction: Bullish
DOGE is considered bullish again against Bitcoin. The coin would have to fall beneath 360 SAT (.618 Fib Retracement) to be in danger of turning neutral in the short term. It would have to continue further beneath 150 SAT (100-day EMA) to be in danger of turning bearish.
If the sellers push lower, the first level of support lies at 700 SAT. This is followed by support at 650 SAT, 600 SAT, 520 SAT (.382 Fib Retracement), and 500 SAT.
If the bears continue to drive DOGE beneath 500 SAT, support lies at 440 SAT (.5 Fib Retracement), 400 SAT, 358 SAT (.618 Fib Retracement), and 300 SAT.
Where Is The Resistance Toward The Upside?
On the other side, once the bulls break the 774 SAT resistance, the first level of higher resistance is expected at 888 SAT (1.272 Fib Extension). This is followed by resistance at 970 SAT (1.414 Fib Extension), 1000 SAT, and 1050 SAT.
Additional resistance lies at 1085 SAT and 1100 SAT.
Previous Technical Analysis
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- DeFi Update: AAVE, UNI, COMP, SNX - DEFI Primed For Another Rally? (Bullish)