Dogecoin’s value has been moving sideways for some time now, and experts believe that the meme day, which is scheduled to take place on April 21, holds the key to what lies ahead for DOGE fans.
Generally speaking, the day is an eventful day for the crypto industry because of the correlation between cryptocurrency investors and Twitter when it comes to memes. As Dogecoin is considered the first and original meme token, there is a high chance of retail investors sparking a buying spree, which would trigger a further upward price trend.
Add in the affection the CEO of Tesla, Elon Musk, has for the canine-themed digital currency coupled with a tweet from him; then, a massive upward price movement is expected to follow. The billionaire appears to have the magic wand to propel the price of the meme coin.
Price Retracement Likely
The price of Dogecoin has declined by 85% from its all-time high, but the downward trend that occurred from September 2021 to March 2022 has created a falling wedge shape. And for the meme token, this contains three different lower highs and lower lows that can be linked together using trendlines.
Experts revealed that this is the most crucial technical analysis point to consider and, as such, forecast a 34% price upswing, which can be achieved by measuring the first swing for both the high and low levels and adding it to the breakout zone.
Another interesting thing that appears here is that the price of Dogecoin broke through the upper trendline on March 24 at nearly $0.130. Therefore, adding the 34% move will further reveal the target price set at $0.178.
However, the meme coin has attempted to maintain its momentum after the previous breakout, which turned out to be successful. As such, DOGE has corrected by a further 25% while trading at $0.14 at writing.
The consolidation under the $0.14 barrier will likely spark a bullish trend, one that might push the price of DOGE to $0.161. Moreover, clearing the current hurdle could further extend the price uptrend to $0.178, a 28% increase; another highly bullish scenario could see the DOGE tag at the $0.216 level, following a 55% gain. A stage for more price recovery in the coming days.
The above analysis lends credence to the bullish forecast for the price of the meme coin in the 365-day market value to realize the ratio model. Additionally, previous price evaluations have shown the same indicator can be used to assess the average gain or loss of investors who bought the DOGE coin last year.
Furthermore, a value that is below the negative (-10%) is a pointer to the losses short-term holders are bound to incur. This is mainly at a period where long-term holders accumulate more of the token.
Therefore, a value below -10% is known as the opportunity zone because the risk comes from relatively low sell-offs to trigger any market panic.