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Dogecoin Price Prediction as 4/20 Marks “Doge Day” – Will Elon Announce Something Big?

Simon Chandler
Last updated: | 4 min read
Source: TradingView

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 have had a real influence on traders, who may or may not expect Dogecoin’s developers or even Elon Musk to do something to mark the 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.

Dogecoin Price Prediction as 4/20 Marks “Doge Day” – Will Elon Announce Something Big?

Unlike other major cryptocurrencies, DOGE’s indicators are in a prime position today, signaling that the altcoin may have just begun a breakout rally.

Source: TradingView

Most notable is its 30-day moving average (yellow), which has just risen over its 200-day (blue), usually a sign that upward 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 a 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 publicity 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 the coin at the peak of Doge Day’s exuberance.

As such, traders may want to get in and out quickly today before what could be an inevitable correction.

However, the medium- and the long-term picture continues to look promising for Dogecoin, if only because of its ongoing support from Elon Musk.

Musk continues to reference and champion DOGE at almost every available opportunity, with the Twitter and Tesla owner tweeting last week that he would pay one million DOGE to anyone who could provide proof that he or his father owned (or had owned) an emerald mine.

This little stunt followed an even bigger gesture, in which Musk changed Twitter’s bird logo to an image of a Shiba Inu dog, which also sparked a little DOGE flurry.

This kind of thing has been a theme this year, with February seeing Musk attend the Super Bowl wearing a Dogecoin T-shirt, while a few days later, he tweeted a picture of his Shiba Inu dog, Floki, with the caption, “The new CEO of Twitter is amazing.”

The effect of such displays is to goad the market into thinking that, sooner or later, Twitter will introduce DOGE payments in some form or another.

Such suspicions have also been fed by January’s news that the social media firm is indeed pushing ahead with its digital payments plans.

If DOGE is included in any digital payment features on Twitter, there’s little doubt that the meme token will skyrocket.

From just over $0.09, it could easily pass $0.10 and potentially reach $0.05 by the end of the year before a bull market in 2024 possibly brings it as high as $1.

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This Other Meme Token Has Better Fundamentals

But while there’s no doubt that Musk remains very affectionate towards DOGE, there’s no real indication or confirmation that DOGE-based will come to Twitter anytime soon.

Traders looking for above-average gains in the shorter term may prefer to look at other promising coins, with Love Hate Inu being one of the most interesting new altcoins in the market at the moment.

The presale for its LHINU token has raised more than $4.9 million, despite having been open for less than a month.

This stands as a massive market endorsement of Love Hate Inu, which is an Ethereum-based decentralized polling platform.

Its major selling point is that it will offer users rewards (in LHINU) for participating in polls and surveys, which will span a wide range of questions, issues and areas.

Users will also be able to earn a regular yield by staking LHINU, making a potentially very profitable coin to hold.

Interestingly, Love Hate Inu will harness the viral and fun nature of meme tokens to help it build a thriving community of poll participants, something which will be helped by the vote-to-earn nature of its platform.

Investors can join its presale by visiting the official Love Hate Inu website, where they can use USDT, ETH or fiat currency to buy the altcoin.

The sale is now in its fifth stage, with one LHINU token costing $0.0000115, although this will rise again to $0.0000125 in four days, when the sixth stage begins.

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