Dogecoin Gains 30%, ‚Doge Day‘ Fuels Bullish Momentum

April 21, 2023 0 Comments

• Dogecoin is in the green today as April 20th – the ‘Doge Day’ – has influenced investor sentiment.
• Technical analysis of Dogecoin suggests bullish momentum and Elon Musk’s support may be a tailwind for it.
• It remains to be seen if Musk reveals any plans for Dogecoin on this special day.

Dogecoin Gains On ‚Doge Day‘

Dogecoin is seeing gains today as April 20th, also known as „Doge Day“, has positively impacted investor sentiment towards the meme coin. With technicals pointing to bullish momentum and billionaire CEO Elon Musk continuing to lend his support, there could be more upside in store for Dogecoin moving forward.

Technical Analysis Indicates Bullish Momentum

A brief look at the technicals indicates that there may be more upside to unravel in this meme coin moving forward. To begin with, Dogecoin has just had its 30-day moving average climb above the 200-day that typically signals bullish momentum. On top of that, its RSI or the Relative Strength Index has crossed 60 suggesting a further increase in price is likely. Year-to-date, Dogecoin is up roughly 30% at writing.

Musk’s Support Could Be A Tailwind

Another potential reason to own Dogecoin continues to be the support it consistently receives from Elon Musk. Recently, he partnered Twitter with eToro to enable crypto trading on the platform and could potentially find a spot in Twitter’s digital payments plans revealed earlier this year. Earlier this month he even replaced Twitter’s iconic bird logo with a picture of the Shiba Inu dog which sparked debate around his plans for Dogecoin – something we will have to wait and see about!

Will This Be The Day?

Today – „Doge Day“ – could be an important day when it comes to revealing any such plans from Musk regarding Dogecoin’s future development and adoption – only time will tell!

„Buy Into The Strength?“

All things considered, it looks like investors can take advantage of today’s bull run by buying into strength provided by „Doge Day“. Nonetheless, caution should still be exercised as cryptocurrencies are still highly volatile assets whose prices can change quickly due to various factors