• American snack brand Slim Jim and Robinhood CEO Vladimir Tenev are among Dogecoin’s new supporters.
  • The meme coin’s previous surges were largely retail-driven but sparked by support from celebrities.
  • Dogecoin price could once again face a similar parabolic surge as new supporters jump on the DOGE bandwagon.

Dogecoin memes from prominent figures are on the rise, suggesting a reignition of a flame that could propel DOGE price higher.

Robinhood CEO signals support for Dogecoin fans

In a fireside chat on March 19, Robinhood CEO Vladimir Tenev talked about Dogecoin and its community. He stated:

The Dogecoin community has really embraced Robinhood, which has been really awesome to see, and it's a fun community.

Following this chat, the CEO took to his Twitter as he joined American snack brand Slim Jim in tweeting DOGE memes.

Unlike other cryptocurrencies, Dogecoin price is mainly affected by social chatter. Hence, if the crowd jumps on the DOGE bandwagon due to these memes, it could undoubtedly push the meme coin’s price to new highs.

Dogecoin price prepares or a lift-off

Dogecoin price pulled back almost 52% over three weeks starting from February 1. Since then, things are beginning to look up for the meme coin as its market value has appreciated 54%.

Additionally, Dogecoin’s prospects could turn bullish if investors push the meme coin past the $0.087 supply barrier to create a new all-time high. In this case, FOMO could play a crucial role in further propelling the altcoin higher.

If history were to repeat, Dogecoin price could surge 1000% to hit 161.8% Fibonacci extension level at $0.96.

However, investors could take pitstops around the 127.2% and 141.4% Fibonacci extension levels at $0.252 and $0.438, respectively.

DOGE/USDT 1-week chart

DOGE/USDT 1-week chart

Santiment’s Social Volume chart was on the dot in predicting Dogecoin’s crash. A massive bearish divergence between Dogecoin price and this metric led to an enormous drop in DOGE’s market value.

Hence, this time around, a spike in social chatter could serve as a buy signal for investors that could propel the meme coin close to $1. Furthermore, from a counter-sentiment perspective, this might be the time to flip bullish on Dogecoin due to low social volumes.

Dogecoin Social Volume chart

Dogecoin Social Volume chart

Regardless of the bullish outlook, an exodus of investors could fatally disrupt the optimistic outlook for Dogecoin. If DOGE price slices through the 78.6% Fibonacci retracement level at $0.038, then it could be up for another sell-off.

In that case, a 50% retracement to $0.012, coinciding with the 61.8% Fibonacci retracement level, seems likely.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

What is Ethereum EIP-1559 and how will it affect ETH price?

The second-largest blockchain network in the world, Ethereum, is expecting to witness its London hard fork on August 4 that would change the way that transactions are processed. Its native token, Ether, would also see a reduction in supply, which could see a spike in ETH price.

More Ethereum news

Stellar contemplates introducing AMMs as XLM price eyes retest of $0.303

XLM price is consolidating in an uptrend after a sharp upswing ended on July 23. A pullback seems likely before the new leg-up begins. Therefore, investors can expect Stellar to retrace to crucial support levels. A breakdown of the $0.228 support level will invalidate the bullish outlook.

More Stellar news

Tether denies claims of USDT issuance halt, as Bitcoin bears search for reasons behind crypto crash

Tether has reportedly seen a stunt in its meteoric rise at the end of May, just as the leading cryptocurrency’s price has just hit a new all-time high. While regulatory pressure around digital assets has been increasing worldwide, the stablecoin giant has also ...

More Bitcoin news

Theta introduces TDROP to incentivize NFTs as THETA price eyes 30% ascent

Theta price is currently teetering around a critical support level. A resurgence of buyers is likely to push the token to retest a stiff resistance level. Theta plans to introduce a TNT-20 token known as TDROP, a coin used to incentivize purchases on ThetaDrop NFT Marketplaces.

More Tetha news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP