Dogecoin might be down by a steep 20% this week, but analysts believe it will still hit $0.3 during April, especially with the monumental Doge Day approaching.
The Dogecoin price drop is not confined, with Bitcoin down 5% this week, Ethereum and Solana by 8%, and Avalanche a steep 17%.
While the market retraces, traders are turning their attention to meme coins, hoping to position themselves in dips emerging on those with the potential to surge later in April.
In particular, Dogecoin20 ($DOGE20) continues turning heads after raising an astonishing $10 million, with an epic Doge Day launch scheduled.
Dogecoin Drops 20% This Week With Overall Market Downtrend.
Dogecoin is down by a steep 20% this week as the cryptocurrency falls from $0.22 to reach the current $0.172 level;
The number-one-ranked meme coin is not alone, with the market downturn benign led by Bitcoin as it falls back beneath $70,000 after falling 5% this week;
At the same time, both Solana and Ethereum are down by a steep 8%.
The market downturn isn’t worrying investors, especially considering the Bitcoin block halving is now just days away.
Experts believe that the volatility in the market will explode in the lead-up to the event, hinting that there will be huge price swings in both directions. Nevertheless, the event is a bullish catalyst for Bitcoin, and many believe that $BTC will soar in the weeks following the halving.
Analysts Believe $DOGE Will Hit $0.3 In April With Doge Day Approaching.
Despite the rough start to the month, analysts still believe that $DOGE has the potential to hit $0.3 in April, especially with Doge Day scheduled for April 20th.
The meme coin had been trading above $0.22 earlier in the week, but Bitcoin’s price drop caused it to break beneath a rising trend line as it collapsed into support at $0.17:
Looking ahead, if the sellers push beneath $0.17, the first level of strong support lies at $0.158, provided by the November 2022 highs. This is followed by $0.15, $0.14, and $0.125 (March 2024 lows).
On the other side, if the bulls can hold $0.17 and rebound from the level, resistance lies at $0.182, $0.2, and $0.22.
Beyond $0.22, additional resistance lies at $0.24 (1.272 Fib Extension), $0.256 (1.414 Fib Extension), $0.281 (1.617 Fib Extension), and $0.3.
What Other Tokens Will Pump on Doge Day?
With Doge Day scheduled on April 20th, traders are predicting a meme coin frenzy to occur, with many of the industry’s top performers expected to pump.
In particular, Dogecoin20 ($DOGE20) is one of the candidates for an epic pump that’s turning heads as it introduces a unique passive income feature to the meme coin sector.
With over $10 million raised, it’s clear that investors are backing this project to pump during the meme coin mania.
Investors Pile Into Dogecoin20 ($DOGE20) Presale Ahead of Epic Doge Day Launch
Investors are piling into the Dogecoin20 ($DOGE20) presale at early adopter prices ahead of the epic Doge Day launch, pushing the fundraising beyond $10 million.
Traders are eager to become early adopters in the buzzing meme coin as they believe it has huge potential to pump during the meme coin frenzy.
Described as the ultimate Dogecoin upgrade, Dogecoin20 intends to push Elon Musk’s favorite meme coin into a sustainable future through its proof-of-stake algorithm.
The eco-friendly algorithm allows $DOGE20 holders to earn a passive income through staking. The team has allocated an impressive 15% of the total supply to provide staking rewards for the next two years.
Everybody staking will be rewarded based on their staking percentage of the staking pool, with those staking more earning higher rewards.
With a fixed supply of 140 billion $DOGE20, the upgraded meme coin also ends Dogecoin’s infinite inflation problem.
Overall, Dogecoin20 is paying homage to the legendary meme coin while introducing new features and opening up the doors to a passive income for holders.
The token is expected to launch on Doge Day, meaning there are just days to get positioned before its epic launch.
Those looking to participate can purchase $DOGE20 at presale prices through the project’s website using $ETH, $USDT, or a credit/debit card.
Once the token launches, investors can claim their tokens from the same dashboard.
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