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Dogecoin Continues to Surge Despite Current Crypto Market Dip

Dogecoin Continues to Surge Despite Current Crypto Market Dip

The cryptocurrency market is in the red, with Bitcoin falling below $28,800 and Ethereum losing the $2,000 level.

The price of Arbitrum (ARB) dropped by 12% to $1.51 after a significant price surge to $1.795, making it one of the biggest losers in the past week. Still, the altcoin remains up 15% on the weekly chart.

In the meantime, one cryptocurrency experienced a price surge and is nearing its resistance level.

Doge day

April 20th, which is also referred to as “Weed Day,” has gained additional significance as “Doge Day” due to its association with Dogecoin. The cryptocurrency, created in 2013 by IT engineers Billy Markus and Jackson Palmer, is connected to the popular meme.

There have been instances where the value of Dogecoin surged significantly on this specific date, particularly in 2017.

Since then, enthusiasts have looked forward to a similar event each year. In 2021, this day was called “DogeDay,” with the goal of pushing the price to $1. Popular analyst CryptoKaleo reminded the community of the upcoming date.

While it may not hit $1, another rally on a future date is possible.

Recent Dogecoin price surge

Recently, DOGE’s value increased by 30% when Elon Musk replaced Twitter’s logo with the Dogecoin logo, briefly surpassing Cardano (ADA) in market capitalization.

However, this did not meet the expectations of a full rally, leading to doubts about Musk’s influence and suspicions of insider trading. Musk changed the logo back, triggering a significant sell-off and causing DOGE’s price to drop by 9%.

READ MORE: Bitcoin Slides Below $29,000 as Market Braces for Further Correction

Price and technical indicators

The $0.1 price is a significant psychological level for the meme currency, and if broken, we could see further gains.

DOGE has increased by over 50% in the last month and is now trading at $0.092 after a 4.5% increase in the past 24 hours.

The 1-day technical analysis from TradingView is extremely bullish. The summary and moving averages point to a “strong buy” with 16 and 13 signals, respectively. Oscillators are showing “buy” with 3 signals.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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