- 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 value may as soon as once more face an analogous parabolic surge as new supporters soar on the DOGE bandwagon.
Dogecoin memes from distinguished figures are on the rise, suggesting a reignition of a flame that would propel DOGE value greater.
Robinhood CEO alerts assist for Dogecoin followers
In a hearth chat on March 19, Robinhood CEO Vladimir Tenev talked about Dogecoin and its neighborhood. He stated:
The Dogecoin neighborhood has actually embraced Robinhood, which has been actually superior to see, and it is a enjoyable neighborhood.
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 principally affected by social chatter. Therefore, if the group jumps on the DOGE bandwagon because of these memes, it may undoubtedly push the meme coin’s value to new highs.
Dogecoin value prepares or a lift-off
Dogecoin price 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 a vital function in additional propelling the altcoin greater.
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. A large 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 is likely to be the time to flip bullish on Dogecoin because 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 via the 78.6% Fibonacci retracement stage at $0.038, then it might be up for an additional sell-off.
In that case, a 50% retracement to $0.012, coinciding with the 61.8% Fibonacci retracement stage, appears doubtless.