Dogecoin up by 20% this week ahead of ‘Doge Day’

Dogecoin (DOGE) has experienced a significant surge of 20% in value over the past week.

The surge in Dogecoin’s price, coupled with the anticipation of so-called Doge Day and the launch of Dogecoin futures products on Coinbase, suggests a bullish momentum for the cryptocurrency.

The coin, created by software engineers Billy Markus and Jackson Palmer, has enjoyed a resurgence that led to increased interest in other meme coins like Dogwifhat (WIF), Book of Meme (BOME), Pepe (PEPE), and Slerf (SLERF).

According to Tradingview, support levels for Dogecoin (DOGE) are seen at 0.081 cents and 0.094 cents, indicating key levels where buying interest may emerge to prevent further price declines. 

Moreover, a significant support level is observed around 0.10 points, with no immediate resistance apparent, implying a potential stabilizing factor for price fluctuations.

Following the breach of the $0.10 level, technical analysis highlights specific price thresholds serving as resistance, including the Price 1 Standard Deviation Resistance at 0.229990, 52-Week High at 0.228323, 13-Week High at 0.228323, and 1-Month High at 0.228323.

These levels offer valuable guidance to traders and investors, aiding them in navigating Dogecoin’s dynamic movements within the cryptocurrency market.

As Dogecoin continues to make headlines and exhibit bullish behavior, investors are monitoring its movements, anticipating further positive price action and potential market disruptions.

At press time, Dogecoin is trading at $0.20, representing a price increase of 69.3% in the past 30 days. 

On March 29, cryptocurrency commentator DogeDesigner suggested on social media that the strong bullish momentum for DOGE will eventually trade at $0.69.

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Doge Day

Doge Day, to be celebrated on April 20, holds significant importance in the cryptocurrency market, particularly for Dogecoin enthusiasts. Supporters of Dogecoin will convene to promote and drive the value of the cryptocurrency.

This day is marked by various activities, including buying and holding Dogecoin, to push its value “to the moon.”

The choice of April 20 for Doge Day is not coincidental, as it coincides with the unofficial holiday celebrating marijuana, known as “420.” This date adds a layer of cultural significance to the event.

The crypto community’s recognition of Doge Day reflects a collective push to elevate the meme coin’s status from an irreverent digital asset to a viable option for transactions and investments — attracting both retail and institutional interest.

Read more: Analyst says Dogecoin could reach $0.3 in April