Will Dogecoin Price Be Affected by DOGE Day Celebrations and Increase to $0.1?

Crypto News – The pioneer memecoin community has been preparing for the 2023 DOGE Day, which will honor the birthday of Kabosu, the dog who inspired the doge meme, and has resulted in a 20% increase in Dogecoin (DOGE) pricing over the last ten days. The past data trends indicate that there may be another rise in DOGE prices in the next few days.

Will Dogecoin Price Be Affected by DOGE Day Celebrations and Increase to $0.1?

According to market capitalization, Dogecoin is the largest memecoin at the moment and the original memecoin. The DOGE ecosystem is mostly driven by its active community, much like the majority of memecoins. The original doge meme was inspired by Kabosu, a Japanese dog, whose birthday was celebrated on November 2. This was a significant milestone for the community.

Dogecoin prices have historically reacted favorably to events, according to historical data patterns. Furthermore, this week’s on-chain readings suggest that the price of DOGE may rise once more. After the final Doge Day celebration in November 2022, data from IntoTheBlock indicates that investors in Dogecoin whales had boosted their trading activity.

Remarkably, a similar pattern has also surfaced ahead of the DOGE Day festivities in 2023. As of November 2, 2023, there were 1,130 whale trades, up from 604 on October 18. Notably, a 100% price spike from $0.060 to $0.12 was triggered by the 2022 DOGE Day celebration. In the next weeks, DOGE holders should expect a retest of the $0.1 level if history is any indication.

Doge Price Movements

The technical analysis of the daily time frame indicates that the price of DOGE is about to break above the 200-day Simple Moving Average (SMA), which provides additional support for the bullish outlook.

The 200-day SMA is currently at $0.069, as can be seen in the chart above, even though the price of DOGE is currently trading at $0.07079. However, if that resistance proves to be too strong, the price of DOGE may retrace somewhat toward $0.059. The bulls can, however, counterattack at $0.062, where a big buy-wall provides significant support.