By Alicia Maher
DOGE and XRP’s price movements have been similar (both bouncing around a narrow range) due to their lack of volatility on each token. However, investors might want to take an entry position as a surge in DOGE price is likely to happen before this week is over.
Dogecoin Price In Bullish Mood
After crashing by more than 30% between January 16 and 22, DOGE price created several red candlesticks. The downtrend saw DOGE retrace to its December 4 price of $0.129. However, it has since bounced off this low and established a lower high above it. However, DOGE continues to trade sideways within the price range, with the $0.14 price acting as its next local resistance.
However, an intense buying pressure from the bulls could push DOGE to 16% gains and surge past the $0.14 local resistance and trade around the $0.165 range. This range, which corresponds to the 50-day EMA, acts as its next crucial resistance.
DOGE 24-hour chart. Source: Tradingview
But intense buying pressure from the bulls could push the DOGE price past this resistance level and towards the $0.195 level. This price, which corresponds to the 100-day ema, would represent a total of nearly 40% price surge.
Spike In DOGE’s Daily Active Addresses
DOGE’s daily active addresses have more than tripled in the last seven days, further supporting the bullish prediction for the DOGE price. It also proves that investors are increasing their DOGE holdings at its current price. Furthermore, IntoTheBlock data analytics reveal that an increase in daily active addresses will push the DOGE price past the $0.154 level.
Hence, DOGE can flip this price as support as it seeks to overcome the next crucial resistance at $0.184. Conversely, if DOGE should slip below the $0.129 support range and establish a close below this level, the bullish analysis becomes invalid. This decline could result in a massive crash for the DOGE price towards the $0.09 price levels.
I Am Assisting Dogecoin’s Switch To PoS Blockchain – Buterin
Most blockchains are now switching from a PoW network to a PoS network, and Dogecoin isn’t left behind. However, what’s surprising is that the DOGE team is seeking the help of Ethereum co-founder (Vitalik Buterin) in making their switch.
While speaking during an interview with Uponly, Buterin said, “99% of all top blockchains are planning to switch to a PoS network. While some (like Ethereum) are about to complete the switch, others such as Dogecoin and Zcash are taking proactive steps towards becoming one.”
Buterin’s assistance is connected with his position as an advisor to the DOGE foundation. Other advisors in the foundation include Billy Mark and Jared Birchan; the latter represents Elon musk’s interest legally and financially. However, Buterin revealed last year that he wouldn’t mind making Ethereum’s tech available for DOGE to move to a pos network.
Part of the technical assistance would be an eth-DOGE bridge that facilitates transactions on the Dogecoin network. As of this writing, DOGE currently trades at $0.14.