Dogecoin Price Prediction as 4/20 Marks "Doge Day" - Will Elon Announce Something Big?
The Dogecoin price has risen by 4.5% in the past 24 hours, as the arrival of 'Doge Day' helps push the meme token up to $0.091902.
This rally comes as the cryptocurrency market as a whole falls 1% over the same timeframe, indicating that 4/20 and Doge Day has had a real influence on traders, who may or may not expect Dogecoin's develoeprs or even Elon Musk to do something to mark occasion.
Regardless of whether they do or don't, DOGE is also up by 10% in the past week and by 27% in the last 30 days, with the altcoin also posting a 30% return since the beginning of the year.
And with Dogecoin's still holding out for the possibility that Twitter may eventually introduce DOGE payments, further rallies could be in store for the meme token later in the year.
Unlike other major cryptocurrencies, DOGE's indicators are in a prime position today, signalling that the altcoin may have just begun a breakout rally.
Most notable is its 30-day moving average (yellow), which has just risen over its 200-day (blue), usually a sign that upwards buying momentum has reached a new level.
Similarly, DOGE's relative strength index (purple) has returned to growth, moving beyond 60 and on its way to 70 and higher, which would imply further price rises.
It's also worth pointing out that the coin's chart has formed a pennant, which is convergence between resistance (red) and support (green) levels that may resolve itself in a breakout.
And today could be a good day for such a breakout, given that April 20 (4/20) marks Doge Day, during which the meme token gains more publiciity and attention.
On the other hand, Dogecoin Whale Alert has tracked a few big DOGE transactions which show the meme token being sent to exchanges, with the aim possibly being to sell
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