On April 20, the Dogecoin community celebrated what is known as the "annual Dogecoin Day" — a tradition that first started in 2021 and continues to attract the attention of investors and cryptocurrency enthusiasts. However, this year, the celebration coincided with exciting predictions released by a prominent market analyst, indicating the possibility of the currency's price rising by 500%, based on a historical pattern similar to the previous cycle.
Currently, Dogecoin is trading at $0.1593, close to a key horizontal support level, within a narrow range between $0.14 and $0.16 since late March. This price behavior shows an accumulation phase that followed a long-term downtrend. It is gradually approaching the psychological resistance level at $0.20 — a level from which the price rebounded twice last March.
Technically, the Relative Strength Index (RSI) has started to rise and has crossed above its moving average, reflecting a gradual return of bullish momentum, although the indicator remains below the neutral level of 50. However, the overall market structure still leans negative, as a decisive breakthrough of the moving average has not been confirmed, and trading volumes have yet to show clear signals of strong momentum return, indicating that investors are still in a wait-and-see stance.
Moreover, well-known analyst @Steph_iscrypto believes the current scenario mirrors a previous cycle where Dogecoin experienced a massive surge. In his analysis, he pointed out that the coin had declined for 129 days before soaring over 500% from $0.08 to $0.40. Today, Dogecoin is reshaping the same pattern, having once again declined for 129 days — in a pattern he referred to as "43 daily candles" — which could be a precursor to a significant upcoming breakout.
The analyst wrote in a post dated April 19: "Bottom indicators are starting to flash." At the same time, expectations are rising for the listing of Exchange-Traded Funds (ETFs) tracking Dogecoin, as the U.S. Securities and Exchange Commission is currently reviewing several applications submitted by companies like Bitwise, Grayscale, 21Shares, and Rex Shares in collaboration with Osprey Funds. The potential approval of these products could serve as an additional catalyst that might accelerate the realization of the anticipated 500% rise.
