Dogecoin, the world's largest meme token, is again on the agenda of the crypto money world after Elon Musk changed its Twitter logo to DOGE.
Cryptocurrency analyst Smiley Capital evaluated DOGE in his analysis shared on Twitter.
According to Smiley, market conditions look favorable for Dogecoin to make a move in April. The analyst listed several reasons to support his claim.
Analyst Highlights the Importance of April for Dogecoin
According to the analyst, Elon Musk's interest in Dogecoin and the latest changes he made on Twitter are the leading reasons that may cause April to be active.
Second, the analyst mentioned the date of April 20. Some cryptocurrency users celebrate this day as "DOGE Day".
Smiley argued that Dogecoin was not driven by excessive speculation or leverage trading, but rather by genuine demand and interest from buyers using spot exchanges (where cryptocurrencies are traded at the current market price), commenting that the DOGE price volatility is not quite over yet.
Smiley argued that the Asian region is starting to adopt Dogecoin, which could increase Dogecoin's global adoption and proliferation.
Finally, Smiley stated that there has been a weekly break in the USD pair, which indicates that Dogecoin has bottomed out against BTC in the short term.
Smiley concluded his tweet by saying that he was "quite confident that the movement at DOGE is not over yet" and that DOGE "looks ready for April if the market continues like this".
think #DOGE here looks primed for April, if market holds up;
– Elon/Twitter narrative
– Quite confident this move isn't over yet, not too much degeneracy & mostly spot bid
– Asia seems to have picked up on it
– Weekly breakout on USD pair, looks short-term bottomed vs BTC pic.twitter.com/uAM6AB3ZJi
— Smiley (@smileycapital) April 5, 2023
*Not investment advice.