The Dogecoin price dropped over 2% in the last 24 hours to trade at $0.1803 as of 8:45 a.m. EST as investors take profits in the largest meme coin.
But top crypto analyst Ali Martinez tells his 56,000 followers on X that the biggest meme coin by market capitalization could still skyrocket 5,900% from its current value.
I feel my fellow degens have been distracted with the new shiny #memecoins, but #Dogecoin remains the most important #altcoin in this sector.
From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb
— Ali (@ali_charts) March 31, 2024
“DOGE could be at the very beginning of a massive parabolic bull run,” he said in a Mar. 31 X post, arguing that the meme coin seems to be mirroring a 2018-2021 technical pattern that triggered a huge breakout.
The Dogecoin Price Trying To Escape A Bearish Channel
4-hour chart for DOGE/USDT (Source: TradingView)
The Dogecoin price is attempting to escape a short-term descending price channel that formed on its charts in the last couple of days. Should it rise above this channel in the coming 12 hours, the meme coin could attempt to flip the $0.19650 resistance into support soon. A 4-hour candle close higher than this threshold might then be identified as a buy signal by traders, which could lead to DOGE rising to as high as $0.22718 in the following 48 hours.
This bullish thesis might be invalidated if the Dogecoin price fails to escape the bearish price channel within the next 24 hours. DOGE could be at risk of retesting the $0.16750 support as a result. Continued sell pressure should the meme coin leader drop to this level might push it down to as low as $0.14471 in the short term.
Buyers Might Soon Push The Dogecoin Price Higher
Technical indicators on DOGE’s 4-hour chart suggest buyers are sowly making a comeback. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators show signs of bulls growing stronger against bears.
Sellers still have the upper hand against buyers. However, this may soon change as the RSI rises towards its Simple Moving Average (SMA) line on the 4-hour chart. The former crossing above the latter might signal a major shift in strength that favors bulls.
DOGE’s bearish trend also seems to be slowly transitioning to bullish, as signaled by the narrowing gap between the MACD and MACD Signal line. Although the MACD line is positioned below the MACD Signal line, indicating that DOGE is still in a negative phase, the MACD Histogram is approaching zero. This could be a sign that the Dogecoin price’s bearish trend has reached a peak and sellers’ momentum is weakening.
A potential reason for bulls re-entering the meme coin’s charts could be the upcoming International DOGE Day on Apr. 20.
Dogecoin surged 50% in the run-up to this historic day last year, and its community of loyal followers are anticipating another surge in the coming three weeks.
This could be the perfect backdrop from which the Dogecoin20 presale could explode when it goes live on decentralized exchanges on this year’s DOGE Day.
Investors Flock To This 2.0 Dogecoin
Dogecoin20 marks the first major upgrade to the Dogecoin branding and technology since the original meme coin launched in December 2013.
Deployed on the Proof of Stake Ethereum network, Dogecoin20 (DOGE20) is a more eco-friendly version of the beloved meme coin, which runs on the legacy Proof of Work consensus.
DOGE20 holders are also able to stake their tokens for additional rewards, introducing a level of utility into the mix.
Investors scrambled to Dogecoin20’s presale shortly after it went live. So much so, that the ICO sold out sooner than the team had expected, raising more than $10 million in the process.
Due to this extreme popularity, the team behind the meme coin have chosen to offer investors one last chance to purchase DOGE20 before it lists on decentralized exchanges on Apr. 20.
Set To Outperform DOGE In The Long Run
Unlike Dogecoin, DOGE20 has a fixed token supply. This gives DOGE20 an edge over its predecessor and unlocks greater growth potential than that of the original Dogecoin.
Although Dogecoin has come a long way since its launch to become the largest meme coin by market cap, its price has not been able to break above $1. With a capped supply of 140 billion tokens, DOGE20 has the potential to do what DOGE never could and overcome this price barrier.
$10M Raised and Counting: Why Dogecoin20 is Going Viral Ahead of Doge Day?https://t.co/Op6F4Gbeol
— John Morgan (@johnmorganFL) April 1, 2024
With under three weeks away until its listing on decentralized exchanges, investors might want to hurry and buy DOGE20 before it realizes its vast potential.
Currently selling for $0.00022, DOGE20 can be bought using either ETH, USDT, BNB or a bank card. Buyers at this early stage also have access to up to 63% in annual staking rewards.
DOGE20 can be purchased on its official website here.
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