Dogecoin Might Increase By Another 14% If This Support Holds
According to IntoTheBlock data shared by cryptoanalyst Ali Martinez, Dogecoin sits on formidable support at $0.068, where 78,250 addresses purchased nearly 44 billion DOGE.
If this support holds, according to the analysis, DOGE might rally to $0.08, which marks nearly a 14% increase from current prices.
DOGE was tinkering with support at the price of $0.068 at the time of writing. After climbing from lows of $0.060 on July 26 to highs of $0.072 on July 29, DOGE scored three straight days of gains. Despite cutting some of its gains, DOGE has increased by about 3% over the past day.
However, as the daily RSI is still circling around the neutral 50-point level, the trend is still one of consolidation. Buyers may need to push the price above the barrier at $0.073 and then $0.076 in order to revive it for an upswing. Bulls, however, must maintain the $0.06 level as resistance to stop a decline toward $0.057 and $0.05.
The crypto expert also noted that the number of new DOGE addresses issued each day has increased by 265 %, going from 14,470 to 38,430. The expert stated that “the expanding network growth is a positive sign, which may soon be reflected in DOGE pricing.”
Increases in holders may not affect prices right away, but they may indicate interest in an asset over time, which is still a good indicator.
Issues with the Dogecoin community
The DOGE community has issued a warning against fakes that purport to be connected to DOGE and its DOGE block explorer.
This message was sent out by the well-known Dogecoin-focused Twitter account Mishaboar, who also cautioned DOGE users to be vigilant.
On its official Twitter handle, Dogecoin states:
“There have been many tokens over the past nine years that have quickly come and gone. 1 DOGE = 1 DOGE, and there is only one Dogecoin, which is its own blockchain, and not directly associated with any tokens. Beware of imposters.”
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