- American snack model Slim Jim and Robinhood CEO Vladimir Tenev are amongst Dogecoin’s new supporters.
- The meme coin’s earlier surges have been largely retail-driven however sparked by assist from celebrities.
- Dogecoin worth may as soon as once more face an identical parabolic surge as new supporters bounce on the DOGE bandwagon.
Dogecoin memes from distinguished figures are on the rise, suggesting a reignition of a flame that might propel DOGE worth larger.
Robinhood CEO alerts assist for Dogecoin followers
In a hearth chat on March 19, Robinhood CEO Vladimir Tenev talked about Dogecoin and its group. He stated:
The Dogecoin group has actually embraced Robinhood, which has been actually superior to see, and it is a enjoyable group.
Following this chat, the CEO took to his Twitter as he joined American snack model Slim Jim in tweeting DOGE memes.
In contrast to different cryptocurrencies, Dogecoin worth is principally affected by social chatter. Therefore, if the gang jumps on the DOGE bandwagon as a result of these memes, it may undoubtedly push the meme coin’s worth to new highs.
Dogecoin worth prepares or a lift-off
Dogecoin price pulled again nearly 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 traders 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 function in additional propelling the altcoin larger.
Nevertheless, traders 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 worth and this metric led to an unlimited drop in DOGE’s market worth.
Therefore, this time round, a spike in social chatter may function a purchase sign for traders that might propel the meme coin near $1. Moreover, from a counter-sentiment perspective, this is perhaps 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 traders may fatally disrupt the optimistic outlook for Dogecoin. If DOGE worth slices by means of the 78.6% Fibonacci retracement degree at $0.038, then it could possibly be up for one more sell-off.
In that case, a 50% retracement to $0.012, coinciding with the 61.8% Fibonacci retracement degree, appears probably.