Popular belief is that no news is good news. In the case of Dogecoin, a similar performance was seen as the eighth place Alt encountered strong psychological resistance at $ 0.305 but held out well above the $ 0.27 mark.
Dogecoin has shown little to no gains lately, and while market expectation is at least easing in price, there have been some bright signs of Dogecoin development. The fact that DOGE hit higher lows on the 12-hour chart, for example, was a great relief for the altcoin traders.
Additionally, Dogecoin investors broke the demand zone from $ 0.26 to $ 0.28, which was a significant resistance barrier in June and a strong support level from early May to early June. The next $ 0.35 target can be hit if buyers make a strong comeback.
Development as a growth engine?
Recently, Dogecoin’s declining development activity has been a cause for concern, which was rising vertically at the time of writing. On the contrary, the number of open issues on Github has dropped from 205 to 148 in the last four days. Problems help developers keep track of their work on Github, and a decrease in that number implied the deteriorating state of development activity.
Additionally, despite the attention of Tesla CEO Elon Musk, social volume for DOGE did not grow much. One notable achievement for the network was when its nodes recently went from 200 to 700+ as the next charge update was in the works.
Additionally, a Doge enthusiast by the name of “Doge Whisperer” pointed out that 205 computers were running the latest Doge update and needed more nodes to upgrade to 1.14.4. Musk described it as “important” in his response, and the same thing caught some attention for the coin.
Still, Musk’s recent efforts to depress the price of the coin have been in vain, and that move, too, has done nothing for its price. At the time of writing, the total number of nodes on the Doge network was around 1,644. However, creating new nodes can further help secure the network and reduce transaction fees. At the time of writing, Doge’s average transaction fee was still above the July through mid-August levels.
While development could fuel growth for DOGE, and an increase in development activity at the time of writing painted an optimistic picture for the coin, the rise in nodes could keep the network moving forward.
Owner in profit
Historical in / out of the money showed an upward trend, which meant that the number of profitable addresses increased. While the same case was followed by a slump this time as Dogecoin stuck to its rates, the chances of a slump looked slim.
In addition, a steady increase in the total number of addresses with balance resulted in holders not taking profits at such high prices, which aless observed trend for Doge.
So while a rally above $ 0.367 is plausible, the battle with equal numbers of bulls and bears for DOGE will continue in the near future. However, a surge in active names, which have seen steady decline, could fuel a rally.