As the cryptocurrency market resumes its bullish run, Bitcoin (BTC) has re-entered above the key level of $70,000 and continues to rise, and Dogecoin (DOGE) is no exception. The current chart pattern suggests that Bitcoin (BTC) may see more impressive gains, while Dogecoin has displayed a bull flag. According to the latest observations shared by anonymous cryptocurrency trading expert Trader Tardigrade in his post, if Dogecoin successfully breaks out of the flag, its next target may be $0.4.

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Dogecoin Price Prediction

Meanwhile, many are speculating whether Dogecoin will enter a new parabolic run based on optimism surrounding the upcoming “Doge Day” (April 20), during which Dogecoin supporters will hold various events dedicated to promoting Dogecoin and boosting its development.

Separately, a team of experts at blockchain and cryptocurrency market intelligence platform IntoTheBlock noted that DOGE has risen more than 10% in the past 30 days, but needs a “solid breakout above $0.20” to continue rising.

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It is worth noting that according to the data shared by the platform in its post about the addresses of funds entering and leaving at a specific price, about 32,000 crypto wallets lost 3.78 billion DOGE. If Dogecoin can break through the above level, it may push to new highs.

Why is DOGE rising?

Meanwhile, the price of Dogecoin stands at $0.192 at press time, showing a rise of 3.59% in the past 24 hours, a rise of 4.92% in the past seven days, while the rise is more significant at 11.99% on the monthly chart, according to Latest data shown.

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So why is Dogecoin rising? In addition to the excitement surrounding the upcoming Doge Day, the growing number of Dogecoin millionaires, or wallets holding more than $1 million in DOGE, is also creating positive sentiment around the crypto meme asset.

On top of that, the return of the memecoin craze, with assets such as Shiba Inu (SHIB) and Pepe (PEPE) also recording significant gains, has also influenced the growth of the price of Tesla’s favorite cryptocurrency, with Tesla CEO Elon Musk also being influenced.

Overall, trends in the crypto space can sometimes change on a whim, which is why it’s crucial to do your own due diligence, research the assets, and weigh all the risks before investing in any asset.