- Dogecoin price prediction is explosively bullish after massive celebrity support
- A colossal uptrend is underway in Dogecoin price, with price bursting up by 36 percent
- Short-term consolidation ends in the massive move towards a $0.0888 high within hours
- Day traders and investors bet huge on the rise to $0.1 after a massive liquidity wave
The extraordinarily bullish Dogecoin price prediction turned even more positive after Dogecoin got support from Snoop Dogg, Kevin Jonas, and Gene Simmons. The immense celebrity support for Dogecoin has propelled it to fresh highs by completely ignoring the overbought technical indicators.
It seems there’s no stopping the bulls as they pile up massive buy orders on the back of the colossal liquidity wave underneath the current price action. At the time of writing, the price has touched a high of $0.0888 and exploded out of the overstretched Bollinger Bands. Dogecoin price is in an overextended bull run powered by sheer volumes coming from day traders, institutional investors, celebrities, and DOGE whales.
The volatile trade set up is utterly bullish and has pushed technical indicators way past their overbought warning levels. Multiple tweets from rapper Snoop Dogg, pop star Kevin Jonas, and Rock music veteran Gene Simmons have built a vast positive sentiment for the memecurrency. Interestingly, Snoop Dogg tweeted his edited picture with Shiba Inu Dogecoin face with embedded text that read ‘Snoop Doge.’
Dogecoin price movement in the last 24 hours: Next bull run is underway
There’s no doubt that the unprecedented celebrity support for Dogecoin is pushing DOGE/USD past every resistance level. The Dogecoin price prediction of achieving the $0.1 level may happen sooner than expected in the wake of current events. Suddenly, it is 2017 all over again with a surge in celebrity support for cryptocurrencies. No wonder speculation activity is witnessing a sharp increase in the current atmosphere.
With ‘Fear of Missing Out’ spreading like wildfire, everyone wants to board the bandwagon. The DOGE/USD pair began today with a relatively muted price action that soon turned volatile following the celebrity tweets. The price movement turned parabolic with DOGE/USD moving past Bollinger Bands to touch fresh new highs with each green candle.
The sharp uptrend has seen DOGE/USD rise by 1,150 percent since January 28. Such a vast bull run will cool down in the coming days. However, the social media buzz will ensure that DOGE/USD keeps most of the gains it made in the current rally. The continuation of the trend will happen on the daily charts, but hourly charts need some breathing.
DOGE/USD 4-hour chart: Massive green candles everywhere
The technical picture of Dogecoin price prediction is nothing but sizeable green candlestick patterns. The price increase has been meteoric and relentless, giving no room to the sellers. The short squeeze near the key resistance at $0.070 has been instrumental in letting the bulls take the driving seat. The continuation pattern can further propel the price rise to higher resistances before the psychological $0.10 resistance.
The Fibonacci extensions place the current rally’s peak at $0.126, which is a giant leap forward from the current price. The ascending price channel is well past the consolidation stage. The wedge pattern that began to emerge yesterday has been nullified.
Almost every technical indicator is showing heavily overbought readings. The RSI stands at 84 and is well past the safe 70 figure. Next, the Stochastic RSI is also showing a reading of 85 and is deeply into the overbought region. The weekend spike shows that the Dogecoin price prediction is not coming to the bear zone anytime soon.
Dogecoin price prediction: DOGE/USD is the hottest altcoin now
Despite the vast uptrend, history suggests that DOGE/USD faces manipulation challenges. The sharp spike can face selling pressure at short intervals. Traders must remain cautious about the ‘pump-and-dump’ schemes in Dogecoin price prediction.
Any sudden increase in selling pressure intensity is a sign that the price can undergo wild fluctuations. Thus, retracement or minor correction can be furious. A short squeeze near the $0.050 support level must have resulted in massive losses to the short traders.
Coming back to the celebrity support for Dogecoin, today’s events began with famous rapper Snoop Dogg tweeting his picture as a Shiba Inu Dogecoin icon. Then, Kevin Jonas posted his tweet, followed by Elon Musk, who edited his last Dogecoin tweet to reflect Dogecoin’s increasing fan base. The current rally is beyond technical and fundamental factors. Right now, Dogecoin price prediction is jumping purely on social media buzz around DOGE.
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.