The popular crypto currency Dogecoin is on the rise, suggesting that a momentum could be triggered to push the DOGE price higher.
Robinhood CEO signals support to Dogecoin fans
Robinhood CEO Vladimir Tenev spoke about Dogecoin and its community on March 19:
The Dogecoin community has truly embraced Robinhood, a community that’s really cool to see and fun.
Following this conversation, the CEO wrote the following sentences while joining the American snack brand Slim Jim, which tweeted to DOGE fans.
TABASCO 🚀 https://t.co/eUo4MKzfEg
— VLAD (@vladtenev) March 20, 2021
Unlike other cryptocurrencies, Dogecoin price is mainly influenced by social chat. So if the majority start buying DOGE due to these positive reviews, it could undoubtedly push the price of joke money to new heights.
Is Dogecoin price preparing to rise?
Dogecoin price retreated almost 52% in three weeks starting February 1. Since then, interest in cryptocurrency has also increased as its market cap has increased by 54%.
In addition, Dogecoin prospects could turn bullish if investors force the altcoin to break the $ 0.087 supply barrier to create an all-time high. In this case, FOMO could play a very important role in pushing the altcoin further.
If history repeats, the Dogecoin price could increase by 1000% to reach the 161.8% Fibonacci extension level of $ 0.96.
However, traders can get the 127.2% and 141.4% Fibonacci extension levels at $ 0.252 and $ 0.438 respectively.
Santiment’s Social Volume chart has offered some work on predicting the collapse of Dogecoin. A huge drop difference between the Dogecoin price and this metric led to a massive drop in DOGE’s market value.
Therefore, this time around, an increase in social chat could serve as a buy signal for investors that could bring breast money closer to $ 1. Also, from a counter-sentiment standpoint, it may be time for Dogecoin to spike due to low social volumes.
Regardless of the bullish outlook, the migration of investors could seriously disrupt the optimistic outlook for Dogecoin. If the DOGE price breaks from the 78.6% Fibonacci retracement level at $ 0.038, then we may face a bearish scenario.
In this case, a 50% retracement to $ 0.012, which coincides with the 61.8% Fibonacci retracement level, looks likely.