- American snack model Slim Jim and Robinhood CEO Vladimir Tenev are amongst Dogecoin’s new supporters.
- The meme coin’s earlier surges had been largely retail-driven however sparked by assist from celebrities.
- Dogecoin value may as soon as once more face an identical parabolic surge as new supporters leap on the DOGE bandwagon.
Dogecoin memes from distinguished figures are on the rise, suggesting a reignition of a flame that would propel DOGE value increased.
Robinhood CEO indicators assist for Dogecoin followers
In a hearth chat on March 19, Robinhood CEO Vladimir Tenev talked about Dogecoin and its group. He acknowledged:
The Dogecoin group has actually embraced Robinhood, which has been actually superior to see, and it’s a enjoyable group.
Following this chat, the CEO took to his Twitter as he joined American snack model Slim Jim in tweeting DOGE memes.
Not like different cryptocurrencies, Dogecoin value is especially affected by social chatter. Therefore, if the group jumps on the DOGE bandwagon as a result of these memes, it may undoubtedly push the meme coin’s value to new highs.
Dogecoin value prepares or a lift-off
Dogecoin value pulled again virtually 52% over three weeks ranging from February 1. Since then, issues are starting to search for for the meme coin as its market worth has appreciated 54%.
Moreover, Dogecoin’s prospects may flip bullish if buyers push the meme coin previous the $0.087 provide barrier to create a brand new all-time excessive. On this case, FOMO may play an important position in additional propelling the altcoin increased.
If historical past had been to repeat, Dogecoin value may surge 1000% to hit 161.8% Fibonacci extension stage at $0.96.
Nonetheless, buyers may take pitstops across the 127.2% and 141.4% Fibonacci extension ranges at $0.252 and $0.438, respectively.
DOGE/USDT 1-week chart
Santiment’s Social Quantity chart was on the dot in predicting Dogecoin’s crash. An enormous bearish divergence between Dogecoin value and this metric led to an infinite drop in DOGE’s market worth.
Therefore, this time round, a spike in social chatter may function a purchase sign for buyers that would propel the meme coin near $1. Moreover, from a counter-sentiment perspective, this could be the time to flip bullish on Dogecoin as a result of low social volumes.
Dogecoin Social Quantity chart
Whatever the bullish outlook, an exodus of buyers may fatally disrupt the optimistic outlook for Dogecoin. If DOGE value slices by the 78.6% Fibonacci retracement stage at $0.038, then it may very well be up for one more sell-off.
In that case, a 50% retracement to $0.012, coinciding with the 61.8% Fibonacci retracement stage, appears possible.