© Reuters
Investing.com – Since the imminent transition of the blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS), it is well known that there are large differences in energy efficiency between these two methods of operation of a network.
The Dogecoin, developed as a meme, does not want to be left behind and so last year the discussion also focused on whether a switch to Proof-of-Stake is appropriate.
Vitalik Buterin, Dogecoin advocate and founder of Ethereum, found this proposal rather interesting, as Doge is becoming more and more established as a means of payment. The conversion to PoS would prepare the network for the future.
We can expect Buterin to find time to deal with the Doge-PoS issue next year. Currently, he has a lot to do to complete the merger of the Ethereum network. One need only take a look at the roadmap, of which PoS is still an integral part, to see that a transition is still to be expected.
The could benefit from an improvement in the platform, which should contribute to a further rally in the price.
Dogecoin: technical benchmarks
The Doge is currently losing -4.01% at a price of 0.06147 dollars, while the weekly gain is 0.78%.
The cryptocurrency bounced off the 78.6 percent Fibo retracement of the $0.0575 area, which was tested on September 7. The 61.8 percent Fibo retracement at $0.0641, however, offered too much resistance and thus the upside move could not be extended to the 50 percent Fibo retracement at $0.0687 .
Today, the price is pulling back dynamically from this resistance and therefore it seems that a retest of the 78.6% Fibo retracement is in order.
If the bulls fail to defend this level, losses are possible towards the psychological mark of $0.0500 and the June 18th low of $0.0492.
By Marco Oehrl