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Dogecoin Might Rise 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, Dogecoin might rally to $0.08, which marks nearly a 14% increase 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 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.

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.

Popular Dogecoin-focused Twitter account Mishaboar sounded this awareness while warning Dogecoin users to stay alert.

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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