DOGE Price Prediction: Dogecoin slated for a 1000% price surge
3 min readTL;DR Breakdown
- Doge price prediction highlights the coin’s potential to surge by over 1000%, following Vladimir Tenev’s and Slim Jim’s endorsement.
- DOGE stands to experience another parabolic run if the 2 new notable supporters attract their fan base on the Dogecoin bandwagon.
- Although retail-driven, previous bull runs were triggered mainly by the support of notable individuals and celebrities.
At the time of writing, the market is witnessing a surge of DOGE interest from celebrities and other notable individuals in society. This suggests the beginning of a momentum that could push Dogecoin prices higher and further than ever before.
DOGE Price Prediction: General price overview
Unlike other virtual currencies in the market, DOGE is one of the few digital tokens mainly affected by social media chit-chat. That is why different social media platforms are awash with Dogecoin memes, which give the serious coin a light-hearted look. At present, if the populace decides to become Dogecoin holders due to the memes circulating, DOGE will undoubtedly hit and reach new milestones.
With that said, on 19th March, Dogecoin became one of the lucky cryptocurrencies in the market by getting an endorsement from Vladimir Tenev, Robinhood CEO. During a fireside dialog, the CEO disclosed,
“The DOGE community has backed Robinhood. It has been a great relationship to see, and the DOGE community is really entertaining.”
Following this open session, Vladimir took to his Twitter handle and joined American snack giant Slim Jim in sharing and retweeting Dogecoin memes. As expected, this had a positive impact on the virtual coin price as it recorded an impressive $0.0597 market value during Saturday’s trading session.
DOGE price movement in the past 24 hours
Although the DOGE price pulled back by almost 53% over 3 weeks commencing 1st February, things are starting to look up for the crypto coin. Recently, the meme coin managed to record an impressive 54% price surge. This is a move in the right direction.
On looking at the coin’s 24-hour chart, we can see the crypto coin started the day by trading at $0.057, a 0.41 price depreciation from the coin’s direct key support line that stands at $0.05765. At the time of writing, Dogecoin is exchanging hands at the $0.0574 region, with prospects of turning bullish.
If both retail and corporate investors decide to participate in the current conducive buying environment, they could push the meme token past the $0.088 supply barrier. This would mean a new all-time milestone has been reached. In such a case, FOMO can enter the picture to play a critical role in further propelling the meme token higher.
DOGE 4-hour chart
If history is anything to go by, such an event would see the likelihood of DOGE surging upwards by more than 1000% to push it past the 160% Fibo extension level currently standing at the $0.96 mark. For traders who do not want to take chances, they could use the 127 and 141 Fibo extension levels at $0.252 and $0.438 as trading pitstops.
Still, in historical facts, we can also use Santiment’s Social Volume chart in predicting DOGE’s next move. This chart previously predicted the crash of the crypto coin accurately. According to this chart, a rise in social media chit-chat could trigger a buying spree that could push DOGE close to the $1 mark. Additionally, investors might want to take advantage of the current low social volumes.
Conclusion
Although DOGE shows bullish signs, a mass exodus of traders could fatally overturn the current optimistic look. If Dogecoin depreciates and settles around the 78.5% Fibo retracement levels currently standing at $0.038, the meme coin is likely to trigger another selling spree.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
