Dogecoin (DOGE) is once again in the spotlight after a week of bearish momentum. This has led to speculation about Dogecoin’s potential price action this month – and whether the OG meme coin can rebound and hit $0.30 for the first time in over two years.
Dogecoin Experiences Price Rollercoaster After Falling Below Key EMA
DOGE has been on a wild ride this week. Currently trading at around $0.175, DOGE has dropped 22% from its high on Sunday, effectively wiping out the gains made a week prior.
This puts DOGE back to the same level it was trading at on March 25.
The recent price action has also seen DOGE drop below its 20-day exponential moving average (EMA) on the daily chart, which could cause concern for some traders.
However, some believe a higher low is forming on the daily chart, suggesting that the current dip might be a temporary setback before the next leg up.
Despite the recent pullback, the DOGE Fear & Greed Index is still sitting at 54%, indicating a “Neutral” sentiment among investors.
This suggests that the market is not yet overly bearish on Dogecoin – and that there may be room for optimism going forward.
Will Upcoming “Doge Day” Help Dogecoin Hit $0.30?
So, can Dogecoin rebound from its recent dip and reach the $0.30 mark this month?
It’s a tall order, considering the meme coin would need to rise by 67% from its current price. Additionally, DOGE hasn’t hit $0.30 since November 2021, which might make some investors skeptical.
However, there is a glimmer of hope on the horizon. April 20, affectionately known as “Doge Day” in the crypto community, is fast approaching.
This unofficial holiday has been known to boost retail demand for meme coins in the past, and it could do so again this year.
Moreover, some traders are drawing parallels between Dogecoin’s current price action and its historical patterns.
Twitter user Trader Tardigrade recently pointed out that DOGE appears to be running in a “Cycle of 7 Years,” with similar price movements observed in the first half of the current cycle compared to the last one.
When DOGE was trading at just $0.0007 in 2017, many never believed it would reach the heights that it did.
As such, Tardigrade believes history might repeat itself, and with DOGE currently sitting at $0.175, he implies the coin could reach mind-boggling prices of $2, $9, or even $40 in the future.
While these predictions might seem outlandish, they add credence to the idea that DOGE could tap $0.30 by the end of April.
Which Other Meme Coins Could Rise in April?
While Dogecoin’s price action is captivating many, it’s not the only meme coin that could see gains in April.
One newcomer to the scene, Dogecoin20 (DOGE20), is gearing up to launch on Uniswap after raising $10 million in its presale phase.
Dogecoin20 Aims to Dethrone DOGE with High-Yield Staking App
This ERC-20 token, which aims to be an upgraded version of Dogecoin, hit its presale funding target in late March thanks to increased interest in meme coins.
However, what sets Dogecoin20 apart from most of its peers is the developers’ decision to align its launch with Doge Day.
By choosing this date, the developers aim to tap into the spirit of meme culture and community.
Early investors are also buzzed about Dogecoin20’s enhanced features, which include a Proof-of-Stake (PoS) consensus mechanism and a staking app for passive income.
Using the staking app, DOGE20 holders can earn yields as high as 58% per year.
Dogecoin20’s tokenomics structure indicates a maximum supply of 140 billion tokens, with allocations dedicated to presale, marketing, treasury, staking, and DEX liquidity.
This structure has added to the hype around DOGE20 – especially on social media.
Popular YouTube channels like 99Bitcoins have released videos on Dogecoin20, discussing its potential in the meme coin space.
Ultimately, all of these elements set the stage for a successful open market debut on April 20.
And with investors given one final chance to buy DOGE20 tokens for just $0.00022 ahead of listings, a speculative frenzy could soon be underway.
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