– 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.
SpaceX is targeting a 4/20 test flight of Starship, confirmation from SpaceX Media!— RGV Aerial Photography (@RGVaerialphotos)
[@elonmusk] [pic.twitter.com/sEAnbmbnFE] [April 19, 2023]
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 fro
zen 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.
SpaceX: T-1 hour until Falcon Heavy’s launch of the USSF-67 mission; all systems and weather continue to look good for liftoff at 5:56 p.m.ET →— The Space List (@TheSpaceList)
[pic.twitter.com/q9fu9GEQBE] [January 15, 2023]
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.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Cardano price retreats from seven-month highs after flipping DOGE, MATIC in Q1
Cardano price observed a rather spectacular Q1 this year as, along with the token, the blockchain also noted growth on all fronts.This triggered an optimistic outlook in the investors that had been missing since the lackluster Alonzo upgrade of August 2021.
More Cardano news
Axie Infinity price action offers three reasons for a 50% increase idling nearby
Axie Infinity (AXS) is back on the radar of many investors as a high conviction play with a big incentive outlook.With a possible outlook of over 50% upside potential and plenty of bearish signals across it might be the best altcoin to be in right now.
More Axie Infinity News
Hedera Hashgraph price sees bulls attempting to pair back losses, head North on 25% upswing
Hedera Hashgraph (HBAR) proves that even in altcoin land, Rome was not built overnight, as bulls are trying to slowly but surely erase earlier losses.One big element to take away is that the 55-day SMA is a force to be reckoned with.
More Cryptocurrencies News
Lido Dao price on brink of bullish breakout with 35% upside potential
LDO price is starting the week on the back foot with a near 2% decline as bulls attempt to pair back earlier losses from the beginning of the week.
With bulls undergoing a rejection on the topside near the red descending trend line, there is only one solution left for bulls: north.
https://www.fxstreet.com/cryptocurrencies/news?q=&hPP=15&idx=FxsIndexPro&p=0
Bitcoin: What to expect from BTC after overcoming $30,000
Bitcoin (BTC) price has shown no signs of slowing down as it continues to climb higher at a steady pace after the recent US Consumer Price Index (CPI) noted a decline from 6% to 5%.This outlook caused BTC to spike higher in the short term but noted a continued uptick in the next few days.
Read full analysis.
