Dogecoin Price Prediction as Doge Rally Begins

Dogecoin price prediction sees a significant uptrend in DOGE's price this whole week. The price surge was due to Elon Musk again Tweeting about dogecoin in recent days. 

This time, Musk is proposing to give away DOGE and not a minimum of a million of them. Of course, this is not without personal advantage.

Long-standing claims from sites such as The New Yorker claim that Musk's father, Errol Musk, bought stock in an emerald mine in South Africa when Elon was a youngster.

In a 2018 interview with Insider, Errol Musk revealed that he possessed a 50% stake in a Zambian emerald mine, and the stones it produced netted the Musk family "so much money at times we couldn't even close our safe."

The case hasn't affected DOGE much but due to the tweet, Dogecoin surged more than 13%. Let's see how Dogecoin price prediction will get benefit from this.

Dogecoin Price Prediction as Elon Musk Tweets to Give Away Doge

A recent tweet shared by user Doge Designer claims that Elon Musk doesn't have an Emerald mine and asked the media to prove its existence of it. In return, Musk reshared the Tweet mentioning an even bigger DOGE bounty of $1M.

In a 1998 interview with Musk in which he stated that his Father have an Emerald mine share which he denied by tweeting "The fake emerald mine thing is so annoying (sigh). Like where exactly is this thing anyway!?"

Not the allegations, but the tweet surely helped Dogecoin to gain traction again after the meme coin tanked as Twitter removed the DOGE logo. 

Dogecoin Price Prediction: Daily Chart

The current price of Dogecoin is $0.092966, with a 24-hour trading volume of $839,739,075. Dogecoin has increased by 1.76% in the last 24 hours. DOGE's current market capitalization is $12,921,539,557. There are 138,992,456,384 DOGE coins in circulation.

According to the Dogecoin price prediction, technically, there is still space for the price to rise from here. However, there is a very good likelihood that April 20 will be a sell-the-news event. Many small investors are buying into the buzz without any specific goals or stop losses in mind.

Given the present situation of the chart, a Dogecoin price prediction of $0.098 appears to be very plausible in the following days. This is the next significant support level on the 1D chart and might result in a downturn. If this level is reclaimed, the price will go directly to $0.11.

The 14-day RSI is at 63 and still moving upward which shows that Bulls are pushing the price above the overbought region. The MACD is exhibiting green histogram cycles which is evident that Bulls are now dominating the market.

Source: TradingView

One significant observation that has shifted Dogecoin's current price momentum is its breakaway from the correlation it has maintained with Bitcoin in recent weeks. While Dogecoin continues to expand on a daily and weekly basis, Bitcoin's price has succumbed to negative behaviour and minor sell-offs.

What is unclear is if the recent increase in the price of Dogecoin, which caused the break in the connection, is temporary or permanent. Dogecoin, one of the most volatile digital currencies available today, has printed one of the most astounding growth rates in the market this year, with a current value of 31%.

Conclusion

In conclusion, Dogecoin is surging up to its previous high this month when Musk changed the Twitter logo with DOGE. Overall, the Dogecoin price prediction is optimistic.