Dogecoin gains as ‘Doge Day’ helps sentiment: buy into strength?
Dogecoin is in green today because April 20th is ‘Doge Day’.
The meme coin’s technicals indicate bullish momentum.
Billionaire CEO Elon Musk continues to support Dogecoin.
Cryptocurrencies at large haven’t done all so well over the past 24 hours. But there’s one that seems to be bucking the trend – and that’s Dogecoin.
Dogecoin technicals indicate upward momentum
Dogecoin is in the green this morning as April 20th – the “Doge Day” influenced the overall investor sentiment.
Nonetheless, a brief look at the technicals indicate 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.
Elon Musk continues to support Dogecoin
Another potential reason to own Dogecoin continues to be the support it consistently receives from Elon Musk. Remember that the billionaire recently partnered Twitter with eToro to enable crypto trading on the platform.
More importantly, it could be a significant tailwind for the meme coin if it ends up finding a spot in the digital payments plans that Twitter disclosed in January.
Earlier this month, Musk also replaced Twitter’s iconic bird logo with a picture of the Shiba Inu dog that stimulated a debate around his plans for Dogecoin.
Could today – the “Doge Day” be the day that he reveals any such plans? That remains to be known for now!