Dogecoin Jumps as ‘Doge Day’ Boosts Positive Sentiment: Think of Investing?

Published:

  • Dogecoin is now a vivid green on April 20th, which marks the anniversary of the birth of Jesus Christ, known as ‘Doge Day’.
  • Technical indicators for the meme coin display a bullish outlook.
  • Billionaire Elon Musk continues to show his support for the cryptocurrency.

Cryptocurrencies have had a rough twenty-four hours, with many coins in the red. However, Dogecoin seems to be the exception to the rule.

Dogecoin Technical Indicators Point Upwards

Dogecoin is an electric emerald green on this April 20th, the ‘Doge Day’, which has bolstered investor sentiment.

But, a quick glance at the coin’s technicals shows that there may be further upside to come. The 30-day moving average is now above the 200-day, which is usually seen as a bullish sign. Additionally, the Relative Strength Index (RSI) has crossed above 60, indicating that there is further room to rise.

At the time of writing, Dogecoin is up nearly 30% year-to-date.

Elon Musk Unstoppable Support for Dogecoin

One of the reasons why Dogecoin has been having so much success is the constant backing it receives. Elon Musk recently partnered with eToTo to make cryptocurrency trading on the platform possible. This could prove to be a huge boon for the meme coin, if it is included in the payment plans.

In the beginning of the month, Musk also changed Twitter’s iconic bird logo to a picture of the Shiba Inu, sparking speculation about his plans for Dogecoin. Could the ‘Doge Day’ be the day he finally reveals his intentions? We’ll have to wait and see.

Related articles

Recent articles