The central theses
- Dogecoin is back in the green after a short-lived consolidation phase.
- There is speculation around the token ahead of a global event scheduled for April 20th.
- While speculators are targeting $ 4.20, the technical data suggests that DOGE could climb to $ 1.00.
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While the rest of the market continues to recover from the heavy losses of the weekend, Dogecoin has resumed its uptrend. This time around, enthusiasts are reportedly trying to push prices down to $ 0.69 by tomorrow.
Social media campaign increases Dogecoin
Despite growing concerns about a Dogecoin bubble, prices continue to rise. The meme token recently became the fifth largest cryptocurrency by market cap above Tether and Cardano, after skyrocketing more than 500% in the past week.
DOGE was trading at a low of $ 0.071 on April 13 and recently hit a new all-time high of $ 0.46.
DOGE / USDt on TradingView
The dogecoin hype seems to be fueled by the hashtag # DogeDay420, which has taken over Twitter and Reddit. The crypto community is trying to make April 20th or 20th an international holiday day for DOGE by increasing its market value to $ 0.69.
But the pump won’t end there. The ultimate goal of the campaign is for Dogecoin to reach $ 4.20 by June 9th or 6th.
Many prominent analysts in the industry believe that a bull run of this magnitude is not achievable. Others argue that the ongoing narrative is part of a whale-staged plan to dump their tokens at unsuspecting investors.
Realistic or not, technicians paint a rather optimistic picture.
Strive for new all-time highs
According to 40-year-old trade veteran Peter Brandt, Dogecoin appears to have done this developed a bull pennant pattern on its hourly chart after the last price action.
The correction period seen after DOGE hit a new all-time high of $ 0.46 on April 16 created the pennant of the pattern. In the meantime, the 265% upswing between April 15 and 16 developed the flagpole.
A further increase in buying pressure pushed Dogecoin above the upper trend line of the pennant and signaled the resumption of the uptrend. Now that DOGE is up more than 58% since the outbreak, it appears to have more legs to go up.
The height of the flagpole added from the breakout point suggests that Dogecoin could rise another 130% towards the Fibonacci retracement level of 200%, or 227.2%. These critical areas of interest are $ 0.91 and $ 1.10, respectively.
DOGE / USDt on TradingView
Even so, Dogecoin appears to be prepared to retrace before moving any further.
The sequential indicator Tom DeMark (TD) recently presented a sell signal in the form of a green nine candlestick on the hourly chart. The bearish formation predicts a one to four hour correction of the candlesticks before the next upward impulse.
If validated, DOGE can go back to the Fibonacci retracement level of 78.6% or 61.8% to allow investors who are no longer active to return to the market.
These key support levels are at $ 0.39 and $ 0.35, respectively.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
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