Dogecoin Surges on Market Rally, Foundation Investing to Take it Higher

Dogecoin Surges on Market Rally, Foundation Investing to Take it Higher

• Dogecoin (DOGE) has recently seen a surge in price following the recent market rally.
• The asset is trading above all its major moving average indicators and has a positive MACD signal.
• The Dogecoin Foundation is investing heavily in developers to further the growth of the digital asset.

Dogecoin (DOGE) has been the talk of the crypto town lately, as the meme-coin has experienced a significant surge in price following the recent market rally. Investors have been excited about the prospect of the leading meme coin experiencing a rally that could push its price above the $1 mark, but is that possible?

Analyzing the price action of DOGE, the digital asset currently trades at $0.0840, indicating an uptrend of 0.39% in the past 24 hours. This might not necessarily seem much, but DOGE still trades above the broader market, which has retracted by 0.53% in the same period. On the technical front, the asset is doing quite well. All its major moving average (MA) indicators, from the 10-day MA of $0.08366 to the 200-day MA of $0.08378, remain above the current market price. Moreover, the asset’s ability to rise even higher should help strengthen its position above these indicators even more. The positive moving average convergence divergence (MACD) also shows that DOGE is flashing a buy signal. However, investors would want to be wary of the asset’s relative strength index (RSI) at the 59.21 mark. DOGE’s RSI shows that the digital asset is approaching the overbought region.

The Dogecoin Foundation, a non-profit organization created to promote the digital asset and its use, has been investing heavily in developers to further the growth of the digital asset. Recently, the foundation provided $50,000 in grant funding for the development of a multi-coin Dogecoin wallet. This wallet will enable users to easily store and use DOGE, as well as other cryptocurrencies, in one convenient place. The foundation also provided funding for the development of a Dogecoin blockchain explorer, which will provide users with a comprehensive view of the Dogecoin blockchain and its transactions.

Overall, while the recent market rally has been a boon to the price of DOGE, the coin still has a long way to go before it reaches the $1 price mark. The Dogecoin Foundation’s investments in developers, however, could be the catalyst that allows the coin to rise to new heights. Only time will tell if DOGE can achieve the level of adoption and value that investors are hoping for.