{"id":42191,"date":"2021-11-08T16:40:58","date_gmt":"2021-11-08T16:40:58","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=42191"},"modified":"2023-01-16T10:46:06","modified_gmt":"2023-01-16T10:46:06","slug":"can-dogecoins-much-hyped-fee-reduction-upgrade-bolster-doge-bulls","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/can-dogecoins-much-hyped-fee-reduction-upgrade-bolster-doge-bulls\/","title":{"rendered":"Can Dogecoin&#8217;s much-hyped fee reduction upgrade bolster DOGE bulls?"},"content":{"rendered":"<p><strong><a href=\"https:\/\/crypto-economy.com\/hodling-dogecoin-doge-may-play-out-well-heres-why\/\" target=\"_blank\" rel=\"noopener\">Dogecoin&#8217;s<\/a> [DOGE] price movement has been piggybacking on the community and social media hype.<\/strong> The general social sentiment around the asset<strong> isn&#8217;t optimistic<\/strong> but that is yet to reflect on its price action. To top that, <strong>the fee reduction upgrade<\/strong> can further boost its momentum.<\/p>\n<p><!--more--><\/p>\n<p>The popular meme coin has, once again, managed to invalidate bearish cues and surged by <strong>5.22%<\/strong> over the past 24-hours. As it went on to create a local top, <strong>DOGE<\/strong> was found to be exchanging hands at <strong>$0.278<\/strong>.<\/p>\n<p>Additionally, <strong>Dogecoin developers have <a href=\"https:\/\/twitter.com\/dogecoin_devs\/status\/1457425901394747398\" target=\"_blank\" rel=\"noopener\">revealed<\/a> that the Dogecoin Core 1.14.5 version is in the final stages<\/strong>. The release of this version is crucial because it involves the highly-anticipated<strong> fee reduction<\/strong> for all network participants.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Dogecoin Core 1.14.5 has been tagged (&quot;gone gold&quot;, but for open source), and we&#39;re running the Gitian build process for it now. It&#39;s not done until we verify the build is good, but sooooon <a href=\"https:\/\/t.co\/s3NolYxbI1\" target=\"_blank\">https:\/\/t.co\/s3NolYxbI1<\/a><\/p>\n<p>&mdash; Dogecoin Developers (@dogecoin_devs) <a href=\"https:\/\/twitter.com\/dogecoin_devs\/status\/1457425901394747398?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">November 7, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Significance of Dogecoin&#8217;s [DOGE] New Version<\/h2>\n<p><strong>Tesla chief Elon Musk had previously backed the upgrade while emphasizing on the importance of lowering DOGE transaction fees.<\/strong> Back in August, Musk had stated that upgrade such as this would help to turn the asset into a viable means of payment. This was the time, when America&#8217;s biggest movie theater chain, AMC Theatres added support for Dogecoin in addition to Bitcoin and other major crypto-assets. It was followed by a major price rally which, in turn, intensified development activity within the DOGE community.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Super important for Doge fees to drop to make things like buying movie tix viable<\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1440780474662543370?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">September 22, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>But the trend has changed. As the market entered the <strong>fourth quarter<\/strong> of the year, mostly <strong>altcoins with stronger narratives backing<\/strong> them have proliferated. <strong>Parody or joke coins,<\/strong> on the other hand, have <strong>taken a back seat<\/strong>. Hence, the release of the new version could <strong>renew optimism<\/strong> in the DOGE market.<\/p>\n<h2>How do DOGE&#8217;s technicals look like?<\/h2>\n<p>As noted earlier, DOGE was on its way to establishing a new local top. However, <strong>the technicals do not look very optimistic<\/strong>. Zooming out<strong>, the meme-coin was still stuck in a consolidation phase<\/strong> and was nowhere near the massive rally it had spun out in May this year.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-42192 size-large\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/DOGEUSD_2021-11-08_19-40-45-1024x445.jpg\" alt=\"Can Dogecoin's much-hyped fee reduction upgrade bolster DOGE bulls?\" width=\"696\" height=\"302\" \/><\/p>\n<p>The daily moving averages painted a bearish picture. The <strong>200 DMA [Yellow]<\/strong>, for one, was hovering above the DOGE price candles while resisting an upward break. The <strong>100 DMA [Blue] <\/strong>and the<strong> 50 DMA [Pink]<\/strong> were below the candlestick arrangement.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-42199 size-large\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2022\/12\/DOGEUSD_2021-11-08_20-57-48-1024x444.jpg\" alt=\"Can Dogecoin's much-hyped fee reduction upgrade bolster DOGE bulls?\" width=\"696\" height=\"302\" \/><\/p>\n<p>The switch to green closing bars of <strong>Awesome Oscillator [AO]<\/strong> depicted a weak but bullish momentum in the market. Additionally, a minor divergence of the <strong>Bollinger Bands [BB]<\/strong> may indicate an uptick in volatility which may favor the bulls. Besides, the <strong>Relative Strength Index&#8217;s [RSI]<\/strong> bounce towards 60 indicated a rise in buying pressure in the market.<\/p>\n<p>If DOGE manages to break above the <strong>200 DMA at $0.28,<\/strong> upside resistance levels of <strong>$0.33, <\/strong>and<strong> $0.42<\/strong> will come into play. If the asset manages to retain the bullish momentum, it could also target the resistance of <strong>$0.55<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin&#8217;s [DOGE] price movement has been piggybacking on the community and social media hype. The general social sentiment around the asset isn&#8217;t optimistic but that is yet to reflect on its price action. To top that, the fee reduction upgrade can further boost its momentum.<\/p>\n","protected":false},"author":19,"featured_media":42205,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,84,123,74,9156],"tags":[5225,4982],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/42191"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=42191"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/42191\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/42205"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=42191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=42191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=42191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}