Snoop DOGE and Kevin Jonas’ tweets exploded Dogecoin.
The spectacularly bullish Dogecoin price prediction turned more positive after Dogecoin got support from Snoop Dogg, Kevin Jonas, and Gene Simmons. The massive celebrity support for Dogecoin had propelled it to fresh highs by ignoring the overbought technical indicators.
It looks like there is no stopping the bulls as they pile up huge buy orders on the back of the enormous liquidity wave under the current price action. As of now, the price has touched a high of $0.0888 and then exploded out of the overstretched Bollinger Bands. Dogecoin price is in an overextended bull run powered by headlong volumes coming from day traders, institutional investors, celebrities, and DOGE whales.
The volatile trade set up is entirely bullish and pushed technical indicators past their overbought warning levels. Tweets from Snoop Dogg, Kevin Jonas, and Gene Simmons have built a wide positive sentiment for the meme currency. Remarkably, Snoop Dogg tweeted his edited picture with the Shiba Inu Dogecoin face with text that read ‘Snoop Doge’
Dogecoin’s price movement in the past 24 hours shows that the next bull run is imminent.
There is without a doubt that the fantastic celebrity support for Dogecoin is moving DOGE/USD past every resistance level. The price prediction of achieving the $0.1 again with a surge in celebrity support for cryptocurrencies. That is why prediction activity is witnessing a sharp increase in the latest atmosphere.
With the FOMO (Fear of Missing Out) spreading like wildfire, everyone now wants to be part of the bandwagon. The DOGE/USD pair began today with a relatively discrete price action that soon turned volatile after the celebrity tweets. The price movement turned parabolic with DOGE/USD moving past Bollinger Band to acquire fresh new highs with every green candle.
The spike uptrend has seen DOGE/USD rise by 1,150% since January 28. The social media buzz will ensure that DOGE/USD keeps most of the gains it made in the latest rally. The continuation of the trend will happen on the daily charts, however, hourly charts need some room to breathe.
Notwithstanding the vast uptrend, history shows that DOGE/USD faces manipulation challenges. The spike can face selling pressure at minimum intervals. Traders must still be cautious about the ‘pump-and-dump’ schemes in Dogecoin price prediction.
Any abrupt increase in selling pressure intensity is a sign that the price can undergo wild fluctuations. That is why retracement or minor correction can be furious. A short squeeze near the $0.050 support level must have resulted in major losses to the short traders.
Because of the unending celebrity support for Dogecoin, the current rally is beyond technical and fundamental factors. And right now, Dogecoin’s price prediction jumps purely on social media buzz around DOGE.
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