- Dogecoin receives fresh support from Mark Cuban and Guy Fieri.
- Dogecoin price surges 70% in less than 48 hours, hitting the middle line of an ascending parallel channel.
- A continuation of this bullish momentum could push DOGE up by 118% toward $0.245.
The topic of Dogecoin seems to have resurfaced among celebrities, triggering a frenzy among investors and pushing the DOGE price higher.
Mark Cuban announces massive Dogecoin sales
Billionaire entrepreneur Mark Cuban announced that the NBA’s Mavericks’ sales have increased by 550% over the past month.
Cuban’s tweet read:
We have now sold more than 122k Doge in merchandise! We will never sell 1 single Doge ever. So keep buying.
Mark Cuban announced in early March that his team, the Dallas Mavericks, would accept Dogecoin as a form of payment.
Additionally, Guy Fieri, an American restaurateur, also tweeted,
The resurgence of celebrities’ involvement with Dogecoin could once again trigger a surge similar to early January rallies and send DOGE price flying.
Dogecoin price eyes new all-time high
Dogecoin price action appears to be contained within a potential ascending parallel channel. This setup is obtained when the series of higher highs and higher lows are connected using trend lines. So far, DOGE has formed two swing lows and is aiming for the second swing high.
At the time of writing, Dogecoin price was trading around the middle line of the ascending parallel channel. A decisive close above this barrier could send the meme coin flying toward the 141.4% and 161.8% Fibonacci extension levels at $0.124 and $0.199, respectively.
If the bullish momentum persists, DOGE could tap the ascending parallel channel’s upper trend line at $0.245. This move would indicate a 118% surge from the current price levels.
DOGE/USDT 1-day chart
On the flip side, if investors begin to book profits, it would hamper the upswing. Regardless, if Dogecoin price fails to produce a decisive close above the 127.2% Fibonacci extension level at $0.124, which coincides with the ascending parallel channel’s middle line, a retracement seems likely.
In such a scenario, DOGE could retrace 30% toward the support level at $0.086.
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.