- Dogecoin price could trigger a massive upswing on April 20 due to the 420 hype.
- Investors can expect DOGE to rally 22% – 45% targeting crucial hurdles.
- On-chain data agrees with the technical aspects and forecasts a move to $0.1270.
- A daily candlestick close below $0.0800 will invalidate the bullish thesis.
Dogecoin price attempts to move higher but is currently facing a notable hurdle. Clearing this blockade will open the path for DOGE to travel higher. Additionally, tomorrow is April 20, aka 4/20, which is a celebration day associated with Cannabis and memes.
Considering Twitter CEO Elon Musk is a huge fan of memes and Dogecoin, investors can expect a name drop which could catalyze a bullish move for DOGE.
Read more: Should you buy PEPE, DOGE, SHIB and other meme coins before April 20? Will Elon Musk come through?
Dogecoin price ready to explode
Dogecoin price has been stuck inside the $0.0712 to $0.1080 range for nearly three months. The recent uptick in buying pressure has pushed DOGE higher and is currently attempting to overcome the range’s midpoint at $0.0896.
A successful flip of this hurdle into a support floor could be enough to catalyze a Dogecoin price move to retest the range high at $0.1080, which would constitute a 22% gain for DOGE holders. This development would put the dog-themed crypto at an inflection point.
A decisive daily candlestick close above $0.1080 will confirm the presence of bulls and could propel to the next hurdle at $0.1276, bringing the total gain for Dogecoin price to 45%
DOGE/USDT 1-day chart
Adding credence to this bullish outlook is the large chunk of support levels as seen in IntoTheBlock’s Global In/Out of the Money model. This cluster of “In The Money” investors extends from $0.0748 to $0.0891, where roughly 598,000 addresses purchased nearly 38 billion DOGE tokens. So a sudden slide in Dogecoin price is likely to be offset by the buying pressure of these accumulating investors.
Additionally, the blockades of “Out of The Money” investors pale in comparison to the support clusters. The first cluster of underwater investors extends from $0.0891 to $0.0956, and the second cluster is $0.0956 to $0.1459. Between these two ranges, 500,000 addresses that purchased nearly 14 billion DOGE are at a loss.
So the selling pressure posed by these two hurdles, albeit low, could form local tops, hence serve as a good place to book profits. Interestingly, these levels coincide with ones prescribed from a technical perspective.
While all signs point to an optimistic outlook for Dogecoin price, a daily candlestick close below $0.0800 will invalidate the bullish thesis. This move will skew the odds in bears’ favor and potentially trigger an 11% correction to tag the range low at $0.0712.