- Dogecoin price offered holders 16% gains over the past week, alongside meme coin competitor Shiba Inu.
- Dogecoin price could face resistance at $0.082, a key hurdle in its uptrend.
- Timothy Stebbing of the Dogecoin Foundation announced that developers can build apps on DOGE through Shafil Alam’s Libdogecoin project.
The Dogecoin Foundation’s director recently announced that developers can build smart contracts on DOGE through a C Library, Libdogecoin. Dogecoin network’s consistent upgrades are driving the meme coin’s utility.
Timothy Stebbing, director of the Dogecoin foundation recently announced the arrival of smart contracts on the DOGE network. Stebbing referred to Shafil Alam’s Libdogecoin, a complete implementation of the Dogecoin Protocols, as a C library, which will allow anyone to build a Dogecoin-compliant product. Through Libdogecoin, developers do not need to delve into the deeper, complicated specifics of the crypto functions.
Lark Davis, a leading crypto analyst and influencer, commented on Dogecoin’s price rally. Davis argues that the launch of Dogecoin, which requires wrapped DOGE for trading is a major catalyst for Dogecoin.
Both top dog coins have major catalysts right now! #dogecoin #shibainu $shib $doge
Dogecoin – the launch of #dogechain which requires wrapped DOGE for trading
Shiba Inu – the coming launch of their layer two Shibarium
Seems like every dog does have its day!
— Lark Davis (@TheCryptoLark) August 16, 2022
Tedtalksmacro, a developer at Lambda Markets believes Dogecoin has more room for upside. DOGE price is likely to climb higher, hitting the bullish target of $0.10.
$DOGE probably has some more room to move imo pic.twitter.com/x6MCMJr4zZ
— tedtalksmacro (@tedtalksmacro) August 16, 2022
Alongside Dogecoin price rally, Ethereum analysts like Quinten Francois have identified capital rotation from Bitcoin to altcoins. This behavior is typical to altseasons. While a pump in meme coins and dog-themed cryptocurrencies like DOGE and SHIB is typically considered a sign of bull market’s end, the current scenario is unlike any other.
Dogecoin price touched $0.09 over the weekend and continues to attempt a comeback to the bullish target of $0.10. Dogecoin price faces intermediate resistance at $0.0931 and next resistance is $0.1090.
It is favorable for traders to fill bags at a discount. If Dogecoin fails to continue its uptrend, a retest of $0.062 is likely. This would imply that DOGE is trading at a discount and marks the level at which traders should accumulate, for the next run to $0.090.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CE. No information in this article should be interpreted as investment advice. CE encourages all users to do their own research before investing in cryptocurrencies.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
