Dogecoin price aims for new all-time high as the asset gains institutional traction
- Mark Cuban will discuss Dogecoin on the Ellen Show on April 28.
- Interest in Dogecoin continues to explode, according to Bitpay CMO.
- DOGE has formed a significant bull flag on the daily chart.
Dogecoin price had a massive rally to its current all-time high at $0.45 in the last two weeks, outperforming all cryptocurrencies and reaching the rank of five based on market capitalization for the first time ever. At current prices, the entire project is worth $35 billion.
Dogecoin gains even more traction from investors
On Twitter, Mark Cuban announced he would do a special episode on The Ellen Show, a prominent daytime talk show in the US, to talk about Dogecoin. He also said that BitPay, the platform that conducts Doge sales for the Mavericks, will reach 6,000 Dogecoin transactions in April.
Tomorrow I'm on @TheEllenShow , talking about ....you guessed it #dogecoin ! https://t.co/oSUEqK6sus
— Mark Cuban (@mcuban) April 26, 2021
Cuban’s appearance on The Ellen Show is bound to boost Dogecoin price and its reach to a public not necessarily familiar with cryptocurrencies.
Additionally, Bitpay Chief Commercial Officer Sonny Singh has stated that more investors are buying Dogecoin. About 10% of the transactions on Bitpay were from Dogecoin in the last week, which is quite significant.
Dogecoin price is ready to take off to new highs
On the daily chart, Dogecoin price has formed a bull flag, which could be on the verge of a breakout thanks to several positive announcements. Mark Cuban’s upcoming appearance on The Ellen Show will most likely positively impact Dogecoin price.
DOGE/USD daily chart
A breakout of the flag has a massive price target at $0.66, an 85% surge calculated by using the height of the pole as a reference point.
On the other hand, there is an ascending triangle pattern formed on the 4-hour chart, which could be on the verge of a significant breakdown.
DOGE/USD 4-hour chart
The key support trend line is formed at $0.267. A breakdown below this point has a price target of $0.19, which is a 30% move calculated by measuring the initial distance between the two trend lines of the pattern as a reference point.
There is another support level in-between located at $0.22, which was a low established on April 25 when bulls bought the dip aggresively.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
