Analyzing Dogecoin’s ongoing rally and roadmap for the coming days
Dogecoin entered the crypto race a long time ago. But it was only this year that the altcoin got attention, owing to its meteoric growth. Even though it may not be one of the top 10 cryptocurrencies at the moment, what the Foundation has planned for the meme coin going forward might put it back on that list.
Dogecoin recently released their first ‘trailmap’ under which the Foundation outlined the steps that they aim to take in order to make Dogecoin a people currency.
Comparing DOGE to Rome’s Denarius, which as per the Foundation “once controlled the world,” the Foundation plans to enhance the memecoin’s utility and to make it more accessible for day-to-day use.
Of the many projects announced, the first in line is a makeover for their website as well as the implementation of Dogepedia – a one-stop site that answers any and every question that a person may have concerning Dogecoin’s past, present, and future.
The reaction that the community had in response to the announcements wasn’t stark, as transaction volume and count remained average. Although the price has been going up it certainly isn’t due to the announcement of the trail-map but simply because the broader market is observing a breakout.
DOGE recently tested its lower trend line, almost falling through it. But the 14.84% rally actually saved it and is now heading towards breaching the upper trend line.
Furthermore, the decreasing number of traders and the increasing number of MTH and LTH is an indication that DOGE holders are now HODLing the coin which is good for a rally.
The recent surge in HODLers is also the reason why DOGE’s average holding time is now at 1.6 years.
Thus, all these factors serve as incentives for a price rise. However, DOGE’s concerning volatility should also be kept in mind should new investors decide to join the network.