Dogecoin merchants are experiencing profits for the first time in twelve weeks. DOGE price could enter the FOMO zone if it continues to rise.
While the cryptocurrency market as a whole has been experiencing selling pressure, The coin has gained 16% over the past week. The Dogecoin (DOGE) price is up 5% as of press time, trading at $0.08061 with a market cap of $11.32 billion.
Currently, the price of DOGE is trading well above the zone of support between $0.070 and $0.076. Using IntoTheBlock data, Ali Martinez, a crypto analyst, explained that 452,000 wallets acquired 51,4 billion $DOGE in this support zone.
However, DOGE faces significant opposition between $0.083 and $0.088. Before making a fresh entry, investors seeking to capitalize on the present Dogecoin momentum should monitor these levels.
Recent data from Santiment revealed that Dogecoin’s price has increased by more than 25 percent over the past two weeks, resulting in substantial profits for many average Dogecoin investors. In addition, the analysis platform revealed that DOGE traders who have been active over the past year have achieved a return on investment of over 2.4%.
Moreover, it was hypothesized that these investors could see even greater returns when DOGE enters a hazardous FOMO zone, which it has yet to reach.
Other on-chain metrics have contributed to the Dogecoin price increase. The DOGE price has demonstrated a significant technical breakout above $0.08, which, if sustained, could result in a 20,000% price increase. Since April 2023, DOGE whale activity has risen, and trading activity has reached a 16-week high.
Will Musk’s X incorporate Dogecoin?
Last Sunday, Elon Musk rebranded the social media platform Twitter as X and hinted at the possibility of future Dogecoin integration. This has been a significant catalyst for the current DOGE price increase.
Elon Musk altered his Twitter location to “X ” when he changed the Twitter logo to “X,” where “is the Dogecoin symbol?
