Related articles
Despite being a meme coin, developers have not abandoned Dogecoin. Towards the end of last year, the Foundation officially announced the establishment of a new community development fund comprising 5 million DOGE to cater to all expenditures and developments pertaining to the network. The coins held in this wallet were set aside to pay rewards to developers of Dogecoin for their contributions, no matter how big or small.
With the incentive on the table, development activity has witnessed a rise in the Dogecoin ecosystem. Just a day back, a core developer teased a new ‘coming soon’ announcement. As reported by Watcher Guru, the team is working on the launch of “libdogecoin 0.1.2.” The new launch will focus on making integrations rapid for DOGE developers.
Read More: Dogecoin Developers Hints at Something Interesting Coming Soon: Details
Price-wise, there was a lack of volatility registered by Dogecoin. However, it seems to be in quite a comfortable position at the moment. Since the end of December, the DOGE has been able to cling onto its ascending trendline, and seldom has the price of the asset dropped below it. Additionally, the on-chain demand wall present around $0.086 gives DOGE another layer of cushioning.
Also Read: Dogecoin Foundation Launches New Development Fund Comprising Of 5M DOGE
Crucial levels for Dogecoin traders to keep an eye on
At press time, DOGE has resistance around the $0.1 mark. Gradually inclining with the support from the ascending trendline is feasible at the moment. However, after that, there might be a brief halt and DOGE might consolidate to collect liquidity.
Thereon, with the help of enough bullish momentum, the doors for it to complete its 30% rally would open. As chalked out below, DOGE could incline up to $0.117 in such a scenario.
However, it shouldn’t be forgotten that the cryptocurrency market is currently closely knit. With macro events like the NFP data release lined up, Bitcoin’s price can swing in either direction. If a macro downtrend materializes, then DOGE’s bullish thesis could get invalidated.
Also Read: Is It Feasible For Dogecoin to Attain $0.1?
Credit: Source link
