The rise of the DOGE price has begun again: what is the reason for the Doge's rise this time?
The DOGE is having a sensational rise again.
Elon Musk's favorite cryptocurrency, Dogecoin (DOGE),has regained significant upward momentum after a hard fall. DOGE, which rose as much as $ 0.08 last week with contributions from the WallStreetBets team, then fell as hard as $ 0.03. At that time, the DOGE began to think that they were doing incredible damage. DOGE, which Elon Musk saw as “the cryptocurrency of the future and peoples,” is now very close to reaching its former level.
DOGE price again above $ 0.07
DOGE, which has risen 31% in the last 24 hours, is the 10th largest by total market capitalization. it has risen to the cryptocurrency rankings. Doge searches that even pass Bitcoin searches in the US actually indicate that this rally is US-centric. With $ 1,200 in Coronavirus outbreak payments distributed by the U.S. administration, someone who received a DOGE on January 1, 2021 could have a fund of $ 18,000 as of now. Even that shows why the Doge is so wanted. Despite this, no one knows the reason for the increase in the price that it is currently experiencing.
The DOGE, which is trending on Twitter in both Turkey and the US, may be rising entirely due to FOMO (fear of missing the rise). Looking at the posts on Twitter, it can be interpreted that investors will not end this rally until the DOGE price rises to $ 0.10. Many investors have said on Twitter that they are targeting $ 0.10 or even $ 1. In order for the doge to rise to the level of $ 1, it must achieve a rise of at least 12 times.
Celebrities got the DOGE!
After Elon Musk, Gene Simmons and Snoop Dogg also received names and announced it on Twitter, DOGE recently received a 1,000% increase. Now it seems quite possible that it will achieve a 1,200% increase, looking at this increase. Despite this, it is also very dangerous for the price to rise completely on the basis of FOMO, without any basis or development. The fact that the market is suddenly red is causing the hardest-falling cryptocurrencies to become FOMO-based rises.
Although the DOGE price rises again above $ 0.07, hard falls can be expected, especially without breaking the resistance of $ 0.085, which it tested earlier. The point that investors should follow as support will be $ 0.04.