Key Takeaways:
- Doge Day 4/20 did not help Dogecoin’s price action.
- The technical setup is bullish, but a short-term decline seems likely.
- Elon Musk did not mention DOGE on its special day.
YEREVAN (CoinChapter.com) – Dogecoin slid 7% in the previous 48 hours and traded just above $0.087 ahead of the New York session on Doge Day, April 20, which is incidentally international weed day. However, far from “getting high,” DOGE investors can expect another 10% value decline. Here’s why.
DOGE in a falling wedge
The Dogecoin token traded within a technical setup dubbed the ‘falling wedge’ since late November 2022. The pattern entails two converging trendlines that take the coin price incrementally lower through support and resistance retests.
Moreover, the falling wedge is a reversal pattern that predicts a bullish move equal to the maximal wedge height once the token breaks above the upper trendline.
DOGE confirmed the wedge on April 3 but has given a choppy performance. While the setup target is $0.12, a 40% advance from the current value, DOGE will likely drop another 10% to previous support at $0.080 before attempting a leg up.
The dropping trading volumes on the daily chart and the bearish MACD oscillator support the scenario.
Also read: Money Market Funds at Record High – Threat For Equities.
Elon Musk is not bothered.
Multi-billionaire entrepreneur Elon Musk is one of Dogecoin’s biggest proponents.
He shilled the coin online on multiple occasions, which got the attention of the Securities and Exchange Commission (SEC), and he even swapped the Twitter logo for the “much wow” dog this month. So, where is Elon when you need him?
Also read: Dogecoin Price Prediction: DOGE Smashes Resistance, Next Bullish Targets To Watch.
On April 20, Musk tweeted that the Starship Super Heavy rocket was ready for launch without mentioning Dogecoin.
However, the SpaceX CEO expressed his readiness to launch a Doge-related DOGE-1 lunar mission in 2021, vowing to put a “literal Dogecoin on the literal moon.” Time will tell if Musk keeps the promise. As of Doge Day 2023, frog meme coins like PEPE are taking over public attention, leaving the king of all things meme on the brink of a 10% decline.
