Dogecoin ups the ante as its community attempts to pump prices to $4.20 by Jun. 9.
- Dogecoin is back in the green after a short-lived consolidation period.
- Speculation mounts around the token ahead of a global event scheduled for Apr. 20.
- While speculators target $4.20, the technicals suggest DOGE could rise to $1.00.
While the rest of the market continues to recover from the weekend’s gut-wrenching losses, Dogecoin has resumed its uptrend. This time, enthusiasts are allegedly trying to push prices as high as $0.69 by tomorrow.
Social Media Campaign Takes Dogecoin Higher
Despite growing worries around a Dogecoin bubble, prices continue to rise. The meme token recently became the fifth-largest cryptocurrency by market capitalization, above Tether and Cardano, after skyrocketing by more than 500% in the past week.
DOGE went from trading at a low of $0.071 on Apr. 13 to make a new all-time high of $0.46 recently.
The hype around Dogecoin seems to be fueled by the #DogeDay420 hashtag, which has taken over Twitter and Reddit. The crypto community attempts to make Apr. 20, or 4/20, an international day of celebration for DOGE, by pushing its market value to $0.69.
But the pump won’t end there. The campaign’s ultimate goal is for Dogecoin to hit $4.20 by Jun. 9 or 6/9.
Many prominent analysts in the industry believe that a bull run of such magnitude is unachievable. Others argue that the ongoing narrative is part of a plan orchestrated by whales to dump their tokens on unaware investors.
Realistic or not, technicals do paint a rather optimistic picture.
Targeting New All-Time Highs
According to 40-years trading veteran Peter Brandt, Dogecoin appears to have developed a bull pennant pattern on its hourly chart after the most recent price action.
The corrective period seen after DOGE hit a new all-time high of $0.46 on Apr. 16 created the pattern’s pennant. Meanwhile, the 265% upswing that took place between Apr. 15 and Apr. 16 developed the flagpole.
Another spike in buying pressure pushed Dogecoin above the pennant’s upper trendline signaling the uptrend’s resumption. Now that DOGE has risen by more than 58% since the breakout, it seems to have more legs to go up.
The flagpole’s height added from the breakout point suggests Dogecoin might surge by another 130% toward the 200% or 227.2% Fibonacci retracement level. These critical areas of interest sit at $0.91 and $1.10, respectively.
Nonetheless, Dogecoin seems primed to retrace before advancing further.
The Tom DeMark (TD) Sequential indicator recently presented a sell signal in the form of a green nine candlestick on the hourly chart. The bearish formation forecasts a one to four hourly candlesticks correction before the next upward impulse.
If validated, DOGE may retrace to the 78.6% or 61.8% Fibonacci retracement level to allow sidelined investors to get back in the market.
These key support levels sit at $0.39 and $0.35, respectively.