Dogecoin has built important support at $0.068
According InTheBlock data shared by crypto analyst Ali Martinez, Dogecoin is sitting on formidable support at $0.068, where 78,250 addresses bought nearly 44 billion DOGE. If this support holds, according to the analysis, Dogecoin could climb back to $0.08, which represents an increase of nearly 14% from current prices.
At the time of publication, Dogecoin was dabbling in support at the $0.068 level where it presently trades. Following a rebound from lows of $0.060 on July 26, Dogecoin posted three consecutive days of gains to reach intraday highs of $0.072 on July 29. Despite trimming some gains, Dogecoin is up nearly 3% in the past 24 hours.
However, the trend remains one of consolidation, with the daily RSI still hovering around the neutral 50 point level. To resurrect it for an uptrend, buyers might need to push the price above the barrier at $0.073 and then to $0.076. However, the bulls need to hold the $0.06 level as support to avoid a drop towards $0.057 and $0.05.
The crypto analyst also reported that the new Dogecoin addresses created daily have surged by 265%, increasing from 14,470 to 38,430 new addresses per day. “The increasing network growth is a positive sign, which could soon be reflected in DOGE price,” the analyst wrote.
Although an increase in the number of holders does not have an immediate impact on the price, it can signal interest in an asset over time and, therefore, is still a positive sign.
Dogecoin community issues alert
The Dogecoin community has issued an alert on scammy knockoffs, claiming to be associated with Dogecoin and its Dogechain.info explorer.
Popular Twitter account focused on Dogecoin Mishaboar sounded this awareness while warning Dogecoin users to remain 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 Dogecoin = 1 Dogecoin, and there is only one Dogecoin, which is its own blockchain, and not directly associated with any tokens. Beware of imposters.”
