“Every dog has its day,” they say. Perhaps, 20 April or 4/20 is Dogecoin’s day. As such, 4/20 is an important date for people in the modern meme culture. The 4/20 trend was initially started by the marijuana community and celebrities like Snoop Dogg and Elon Musk. In effect, it has been a while since people from the space have been commemorating this occasion.
Rewinding a bit: How was last 4/20 for DOGE?
April had been quite a notable month for Dogecoin, and the entire crypto market, for that matter last year. In the 12-day period from 4 to 16 April, Dogecoin climbed by 717%, from $0.0551 to $0.4500, on its charts. As a result, people were expecting some bullish momentum to continue.
Community members were eagerly awaiting for DOGE’s price to hit either one of the two targets – $0.69 or $1 on 20 April. At that point, the numbers didn’t seem to be too unrealistic, given the fact that DOGE was already in its pump mood.
However, on post 16 April, the hype fizzled out for a brief period. Consequentially, DOGE registered one of its longest red candles on the D-Day [20 April]. From its daily high of $0.4246, DOGE went on to visit $0.2700. In all, in just one day, the OG meme token lost more than one-third of its value [36.4%, to be precise].
Are the spirits high this year?
Over the past day, Dogecoin has rallied slightly. However, the rise hasn’t been able to wipe off the bearish sentiment associated with it. Per data from LunarCrush, the bearishness has noted a 19% increase over the past week, which is typically not a healthy sign.
So, what should you expect from Dogecoin and its price today? Well, the token’s creator Billy Markus has a simple one-worded answer for you:
“Nothing”
From a technical standpoint, Markus’ assertion does make sense. As can be seen from below, bulls haven’t been able to push Dogecoin beyond the 61.8% Fib level. In fact, an attempt earlier during the day too was unsuccessful.
Notably, the said threshold more or less coincides with the token’s 100-day moving average [$0.1479 v. $0.1467]. This level has acted as a strong resistance for DOGE over the past month or so, and breaking above wouldn’t be a walk in the park for the OG meme-token.
Having said that, it shouldn’t be forgotten that Dogecoin has always taken pleasure in surprising people from the community, and even though things look challenging for it at the moment, the token could pull off a stunt. So, an out-of-the-blue pump shouldn’t really surprise market participants. After all, today is DOGE’s day and it gets to defy assertions and technicals, right?