Dogecoin (DOGE) Price: Will the Popular Memecoin Break $0.20 After DOGE Day?

TLDR

Table of Contents

Dogecoin celebrated its annual “DOGE Day” on April 20, 2025, with price dipping 1.2% to around $0.159
Current DOGE price is forming a triangle pattern with analysts watching for a potential breakout toward $0.20
Market sentiment is more cautious compared to previous DOGE Day celebrations
Elon Musk’s controversial political role may be impacting Dogecoin’s performance
Trading volume increased 2.77% in the past 24 hours, suggesting potential upward pressure

Dogecoin, the popular memecoin, experienced a 1.2% price dip on Sunday, April 20, as the community celebrated the annual “DOGE Day” 2025. The cryptocurrency was trading around $0.159 during the event, reflecting a more cautious market sentiment compared to previous years’ celebrations.

DOGE Day, which takes place every April 20 (4/20), began as an internet movement in 2021 aiming to push Dogecoin’s price to $1. It has since evolved into a yearly event marked by online campaigns, memes, and trading activity. For many enthusiasts, it represents a tribute to the memecoin’s origins and symbolizes community-driven growth in the crypto space.

With a market cap of $23.2 billion at press time, Dogecoin maintains its position as the world’s largest memecoin community. However, this year’s celebrations took on a more subdued tone compared to past events.

The recent price action capped off a lackluster week for DOGE, which failed to break out of its consolidation range and remained stuck below $0.17 despite brief spikes in trading volume midweek.

Triangle Pattern Suggests Upcoming Breakout

Technical analysis shows Dogecoin trading in an increasingly narrow range between $0.15 and $0.16 over the past few days. This tightening price movement has formed a triangle pattern on the 4-hour chart.

Crypto analyst Trader Tardigrade highlighted this triangle formation on social media platform X, noting it reflects growing market indecision. According to the analysis, Dogecoin’s price action has shifted from a clear downtrend in late March and early April into a state of consolidation over the past two weeks.

#Dogecoin price structure has been converging into a triangle pattern, indicating Market Indecision.
Buyers hesitate to buy high, while sellers are cautious in selling low, leading to conservative behavior on both sides.
This pattern typically occurs between a downtrend and an… pic.twitter.com/qBZS562i7G
— Trader Tardigrade (@TATrader_Alan) April 19, 2025

The resulting triangle formation indicates caution from both buyers and sellers. Buyers appear reluctant to enter at higher levels, while sellers seem unwilling to push prices lower. This has created a narrowing band of price action since April 15, compressing volatility.

As Dogecoin approaches the tip of the triangle, market behavior shows signs of upward pressure building. Trading volume increased by 2.77% in the past 24 hours, possibly indicating growing bullish momentum.

Musk’s Political Role May Impact DOGE Performance

Recent backlash against Elon Musk, one of Dogecoin’s most influential supporters, may be casting a shadow over DOGE sentiment. The billionaire entrepreneur now heads the Department of Government Efficiency (DOGE) within the Trump administration and has faced criticism after job cuts triggered nationwide protests.

Investor sentiment, particularly among retail traders, has reportedly soured amid concerns over Musk’s political involvement and Trump’s renewed trade tariffs.

As a result, assets linked to Musk — including Tesla stock and Dogecoin — have struggled in recent weeks. Tesla’s share price closed at $241 on Friday, shedding 4.15% in the past trading week. Similarly, DOGE price has dropped over 12% from its local April high of $0.17 recorded on April 12.

The muted price action on Sunday confirms investors remain hesitant to enter large positions during the 2025 DOGE Day celebrations.

Historically, DOGE Day has sparked renewed interest and short-term rallies in the days leading up to April 20. In both 2021 and 2023, Dogecoin logged double-digit gains as traders piled in on bullish memes and viral campaigns.

However, this year the narrative has shifted, weighed down by political tension, fading enthusiasm, and bearishf signals from Dogecoin’s most influential supporter.

A strong bullish candle that closes above the upper trendline of the triangle would be needed to validate a predicted uptrend. If such a move occurs, Dogecoin could potentially reclaim the $0.20 level before the end of April.

Dogecoin opened the month of April at $0.166. A sustained close above $0.20 would mark a positive finish for April and likely influence market sentiment heading into May.

At the time of writing, Dogecoin was trading at $0.1573.

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