Dogecoin price stalls below $0.10 as DogeOS opens DeFi testnet
DogeOS has opened its testnet to developers, but DOGE must overcome resistance at $0.10 before its price outlook improves.
Dogecoin [DOGE] remained below the $0.10 price level even as developers introduced a new way to build applications around the memecoin.
DogeOS public testnet is now open, allowing developers to experiment with payments, trading, lending, games, and other services that use DOGE. But the new development has not led to a positive impact on the coin’s price.
DogeOS brings new uses to Dogecoin
DogeOS announced that its testnet was open to developers on September 30.
The project said teams were already developing different products.
Transactions on the test network use test DOGE for fees. But the key thing here is that the currency has no market value and can be obtained through a faucet provided for developers.
DogeOS could eventually give DOGE more uses beyond payments and trading. But it is important to note that the project is different from Dogecoin itself.
The testnet is a different application layer built around Dogecoin; it is not an upgrade to Dogecoin’s main blockchain.
DOGE remains trapped below $0.10
The launch comes as DOGE trades near the $0.095 price level; it is up less than 1% at the time of this writing.
Although the price response was not a lot, DOGE remained above several levels that previously held it back. This means that the buyers have taken back some control after the price recovered from its August lows.
The more difficult test now sits at the $0.10 price level. DOGE briefly moved above that level in September, but it was not able to stay there. If it is able to move beyond that level, it could open the door to the recent high near $0.105.
For now, the area between the $0.092 and $0.093 price levels is where the nearest support is. This is where buyers may try to stop it from falling further. If it loses that range, it could fall toward the $0.087 price level.
The testnet provides Dogecoin with a fresh development story, but it seems traders are waiting to see stronger evidence of adoption.
Final Summary
- DogeOS has opened a public testnet for different applications.DOGE remains below the $0.10 price level, with support showing around the $0.092–$0.093 price levels.
