Dogecoin price could rise over 20% if the Starship launch succeeds on April 20.
DOGE has history of benefiting from a positive tweet from Elon Musk’s SpaceX, rising almost 10% around January 10.
The bullish thesis will be invalidated once the meme coin records a daily candlestick close below $0.0800.
Dogecoin price (DOGE) has been on an uptrend since around March 10, with bulls leading the market and taking DOGE above key hurdles. Many factors have played a role in the meme coin’s rally, including a recent move by Twitter CEO, Elon Musk, to switch the Twitter logo from the traditional bird to a Shiba Inu dog, the alt season, and the latest Bitcoin dominance.
According to experts, however, the next uptick in Dogecoin price will be determined by the April 20 event, dubbed 420 or 4/20, the ‘Doge Day.’ The important date could see Musk’s SpaceX launch Starship, the first fully reusable and most powerful space rocket in history. Starship will carry both people and cargo to Mars or the moon.
Dogecoin price ready for an April 20 explosion
Dogecoin price could explode after the Starship launch, scheduled for April 20, following a three-day delay due to a frozen pressurant valve in the booster stage. While the launch may still delay, the DOGE community remains hopeful and will likely retain the same hype after the event. This comes as the meme coin could still be showcased, as was the case during the Texas Gigafactory launch event. At the time, over 15,000 guests saw a Doge mascot made up of drones appearing in the sky.
The expected rally for Dogecoin price comes as analysts predict a surge in buyer momentum for DOGE, which could initiate a price uptick. During the peak of fall, the altcoin soared almost 10% following a reassurance by SpaceX that all was well.
For the moment, the altcoin appears to be readying for a breakout while giving investors a chance to buy DOGE at low prices.
Buying pressure could increase the Dogecoin price to confront the $0.10 resistance level before a possible neck up to $0.11. Such a move would denote an upswing of about 25%. In a highly bullish case, DOGE could reach further to tag the $0.12 resistance level, constituting a 40% climb from the current price.
On-chain metric to support the bullish thesis for Dogecoin price
On-chain metrics from IntoTheBlock’s Global In/Out of the Money (GIOM) support the bullish narrative for Dogecoin price. This fundamental index identifies investors’ average purchase price of a cryptocurrency versus its current price. The statistical model analyzes crypto addresses (wallets) that bought at an average price above or below the current market price.
Based on the GIOM index, robust support was downward between the $0.05 and $0.07 range. This is where around 519,530 addresses bought 44.73 billion DOGE at an average price of $0.06.
Further, Santiment data shows an increased interest in Dogecoin over the last three months, indicating a sizable growth in the network. Network growth helps gauge the number of new users joining a cryptocurrency ecosystem.
Generally, rising network growth leads to a rising price of any project over time.
Still, the DOGE price could face selling pressure that would challenge the bullish thesis. Loss of the $0.08 support level could send the meme coin to revisit the March lows around $0.07.
