Dogecoin Breaks Critical $0.2750 Zone Following Core Upgrade Announcement

Updated:

The recently-assembled team of developers behind Dogecoin (DOGE) have announced that the Dogecoin Core 1.14.5 upgrade, which implements drastic fee reduction on the network, is close to completion. The team, with the handle @dogecoin_devs, tweeted yesterday that:

“Dogecoin Core 1.14.5 has been tagged (“gone gold,” but for open source), and we’re running the Gitian build process for it now. It’s not done until we verify the build is good, but sooooon.”

Once the upgrade goes live, the recommended block inclusion fees would get fixed at 0.01 DOGE (about $0.002) per KB in the core wallet.

While the network has supported low fees since version 1.14.4, the new version would make low transaction fees a default, thereby mandating third-party wallets like Exodus and Ledger to support cheaper transactions.

Meanwhile, Billionaire CEO Elon Musk has called for the reduction of DOGE transaction fees on several occasions. Musk argued that such improvement would help Dogecoin become a viable means of payment. The Tesla and SpaceX CEO tweeted sometime in September that:

“Super important for Doge fees to drop to make things like buying movie tix viable.”

That said, the fee reduction proposal had to gather support within the community, considering that DOGE is a decentralized cryptocurrency.

Meanwhile, the upcoming upgrade not only reduces transaction costs but provides fixes to several high-severity bugs that affect many Dogecoin Core users.

Key Dogecoin Levels to Watch —November 8

DOGE has gained a decent bullish momentum following a decisive break above the critical $0.2750 pivot level. The meme coin rallied close to the $0.3000 round figure but failed to scale above following a market-wide correction.

DOGEUSD – 4-Hour Chart

That said, the ninth-largest cryptocurrency currently holds a significant bullish bias as the 4-hour MACD indicator finally climbs out of bearish conditions. With that, I expect a bullish continuation to the $0.3000 and, subsequently, the $0.3250 resistance over the coming days. However, an unlikely break into the $0.2750 zone could stall a bullish recovery for this cryptocurrency.

Meanwhile, my resistance levels are $0.2900, $0.3000, and $0.3100, and my support levels are $02800, $0.2750, and $0.2700.

Total Market Capitalization: $2.86 trillion

Dogecoin Market Capitalization: $37.3 billion

Dogecoin Dominance: 1.30%

Market Rank: #9

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.