Dogecoin (DOGE) Analysts Predict Major Rally in April

Mar. 30, 2024
Dogecoin (DOGE) Analysts Predict Major Rally in April

Defying the current market correction, the Dogecoin (DOGE) price experienced an aggressive surge in the fourth week of March. From a low of $0.122 on March 20, the DOGE increased by 73% to reach its current trading price of $0.21. The recent rally has surpassed the last swing high resistance of $0.2, indicating the potential for further recovery. Holding the 8th position in market rank, Dogecoin holds a market cap of $30.15 billion, with approximately 143.68 billion DOGE in circulation.

According to a recent analysis by popular crypto analyst Ali Martinez, Dogecoin has seen significant interest from wahles. Over the past two weeks, these large-scale investors have amassed approximately 1.40 billion DOGE, equivalent to an impressive $280 million investment. This shows high net worth individuals’ strong confidence in Dogecoin’s future market performance.

A number of factors are in Dodge’s favor, most notably Elon Musk confirming his support for memecoin. Musk disclosed that DOGE payments will soon be accepted for Tesla EVs. Some believe that tokens will also become part of the X platform. Moreover, the Coinbase exchange plans to introduce Dogecoin Futures trading from April 1.

DOGE20 Launch

The imminent launch of Dogecoin20 (DOGE20) has sparked anticipation, with analysts like DonAlt suggesting DOGE’s price could soar to $4. DOGE20 is an ERC-20 version of Dogecoin and aims to be a more sustainable alternative to it. The new meme coin has raised more than $10 million in its ICO and is set to launch on crypto exchanges on April 20 (Doge Day). International Doge Day has a historical track record of igniting massive excitement in the crypto market. In 2023, DOGE went up by over 50% before this event.

The presale price is fixed at $0.00022. However, it will be determined by demand and supply once it launches. Its flagship product is a Stake-to-Earn mechanism, allowing DOGE20 holders to earn passive income on their investment. So far, 33,274,003,895 DOGE20 are staked, showing the market’s strong desire to acquire more tokens. 

Moreover, Dogecoin20 has a maximum supply of 140 billion tokens. This follows the “Sound money” principle introduced by Satoshi Nakamoto when creating Bitcoin, which helps prevent inflation and ensures the asset maintains its value over time. In contrast, DOGE lacks a capped supply, making it vulnerable to price dilution. Prominent YouTuber and commentator Matthew Perry said, “Dogecoin20 fixed DOGE forever.” Meanwhile, Jacob Bury called it a “100x meme coin gem,” ranking it in the top spot of his five best meme coins to purchase now list.

Martinez Forecasts Dogecoin to Reach $1 in April

Ali Martinez recently predicted the DOGE to hit $1 in April in a post on social media platform X. He highlighted that Dogecoin is mimicking the same pattern that led to the 28,770% rally in 2020. At that time, the leading meme coin broke out from a descending triangle, underwent consolidation, and surged by 28,770%.

Some Analysts Predict DOGE to Reach $0.3 Soon

A prominent market commentator, Kaleo, said DOGE’s next “leg up” could be imminent. The analyst pointed out that DOGE recently broke and retested its November 2022 resistance, speculating the next upward movement will push it toward $0.3.

Similarly, crypto analyst Rekt Capital foresees a move towards $0.3, observing that DOGE has breached a long-term trendline resistance.

He stated:

“Dogecoin has ended its macro downtrend and begun a new macro uptrend. If DOGE monthly closes above the red $0.20 level, it will reclaim historical support that could offer further fuel for a move towards the $0.30+ area.”

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.