A very positive weekend for the price of Dogecoin, which quietly broke through the hard $ 0.30 resistance and even went above $ 0.31. As stated in the previous analysis the latest DOGE update helps secure the blockchain and lower transaction fees, confirmed by an anonymous Dogecoin supporter via Twitter, also soliciting a response from Musk.
Musk, who has emerged as one of Dogecoin’s biggest supporters this year, has repeatedly advocated the meme coin, however, drawing the ire of the Bitcoin community. Also, remember that in July, speaking during a live discussion with Jack Dorsey of Twitter and Cathie Wood, Musk came up with several ideas to improve Dogecoin including “maximize transaction rates and reduce transaction costs“.
Details of Dogecoin updates
According to DOGE’s Twitter account, the latest improvements include:
Lower fees, making the cryptocurrency more attractive to new users;
Strengthening the synchronization time up to 2.5 times, allowing for faster transactions;
“Getpeerinfo” RPC improvements
GUI options to add peers and import private keys and peer traffic visibility;
Tesla CEO Elon Musk, who is working with Dogecoin developers to strengthen “transaction efficiency,” applauded the progress.
Furthermore, Musk stated that “There may be some merit in combining something like Ethereum and Dogecoin“, Revealing that they own some Ethereum tokens in addition to Bitcoin and Dogecoin.
Tesla’s self-proclaimed technoking also said Tesla “likely” will restart support for Bitcoin payments after suspending it due to environmental concerns. Tesla bought $ 1.5 billion worth of Bitcoin earlier this year and continues to keep it on his balance sheet even as Musk lends his backing to Dogecoin.
Techno-Graphic Analysis and Dogecoin forecasts
At the time of writing, the DOGE is trading at $ 0.3121, on the basis of a bullish move after a strong weekend and a gain of more than 5%.
Given the latest news, the short-term Dogecoin will likely start a strong bullish move with a short-term target (first exceeding $ 0.35) the supply area between $ 0.40 / $ 0.44.
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This article was originally posted on FX Empire