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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, Dogecoin might rally to $0.08, which marks nearly a 14% increase from current prices.
Transaction history shows that #Dogecoin built important support at $0.068, where 78.25K addresses purchased nearly 44 billion $DOGE.
If this level continues to hold, $DOGE will have a good chance of rising to $0.080 as @intotheblock‘s IOMAP shows little to no resistance ahead. pic.twitter.com/Jf2JyaqmFg
— Ali Martinez (@ali_charts) July 29, 2022
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 as the daily RSI is still hovering around the neutral 50-point level. To resuscitate it for an uptrend, buyers might have to push the price above the barrier at $0.073 and then $0.076. However, bulls must hold the $0.06 level as support to prevent a fall toward $0.057 and $0.05.
#Dogecoin price dropped ~15% in the last 2 months, from $0.082 to $0.068. Meanwhile, the # of new daily $DOGE addresses surged by 265%, from 14.47K to 38.43K new addresses per day.
The increasing network growth is a positive sign, which could soon be reflected in #DOGE price. pic.twitter.com/8gwceJVARw
— Ali Martinez (@ali_charts) July 29, 2022
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.
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Although an increase in holders may not have an immediate impact on the price, it may signify interest in an asset over time and, therefore, remains 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 block explorer.
IMPORTANT: Dear #Dogecoin, stay away from these new chains being pushed your way. These parties – and influencers collaborating with them – are trying to convince you to put your Doge into their bridge and chain, thus under their full control, in exchange of a worthless token. pic.twitter.com/UCfJwtnfDZ
— Mishaboar (@mishaboar) July 27, 2022
Popular Dogecoin-focused Twitter account Mishaboar sounded this awareness while warning Dogecoin users to stay alert.
NOTE: This “Dogechain” thing has nothing to do with the good old https://t.co/2xY4sDuQzY explorer.
In fact, it is hijacking the reputation of a well known service, making this even more confusing to the distracted shibe. #Dogecoin
— Mishaboar (@mishaboar) July 28, 2022
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.”
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