Reasons Why DOGE Price Will Rise 100% Soon
1. DOGE Day
The recent increase in Dogecoin’s price could potentially be just the beginning of a larger trend soon. The upcoming “DOGE Day” on April 20, which is famous for backing cannabis legalization. This specific day is important for the community of Dogecoin as it symbolizes the beginnings of the coin. The community decided to commemorate the 420 meme to reflect on the lighthearted beginnings of Doge. One can enjoy Dogecoin without needing to experience a state of being high.
In the past, Dogecoin has experienced increases in price in the month of April. Previously, the coin increased in value from $0.0020 to $0.0031 in 2019, and from $0.0017 to $0.0025 in 2020. The biggest surge occurred in 2021, with a boost of 18,000% from the DOGE Day of the previous year.
Although there was a setback in 2022, the coin rebounded in 2023. Currently, Dogecoin is being traded at $0.18 and is demonstrating potential for additional growth, with experts predicting a potential parabolic surge soon.
2. Technical Indicators
Rekt Capital, a crypto analyst discussed the price movement of Dogecoin. He noted that Dogecoin experienced a significant retracement to retest a long-term downtrend line, which is a positive sign. Following this retest, Dogecoin saw a breakout rally of around 45% to the upside. Rekt Capital also mentions that Dogecoin has now confirmed a new macro uptrend, indicating a shift in the overall trend direction.
Additionally, the analyst observed that Dogecoin is forming a bullish flag pattern, suggesting further upward movement in price as it breaks out from this pattern. Overall, the tweet highlights bullish signals for Dogecoin’s price action, indicating potential for further upward momentum.
3. CB Derivatives Launch of Dogecoin Futures Trading Contracts
4. CoinDerivatives is set to launch $ futures trading on April 1st, potentially fueling more interest in the meme coin. The It plans to introduce Dogecoin futures trading contracts for Dogecoin (DOGE), Litecoin (LTC), and Bitcoin Cash
