At the time of writing, Dogecoin was just above the $0.068 support. After bottoming at $0.060 on July 26 to a high of $0.072 on July 29, the Dogecoin one recorded three consecutive days of earnings.
However, as the daily RSI is still hovering around the neutral 50 point level, the trend is still for consolidation.
Buyers might need to push the price above $0.072 and then $0.075 in order to kickstart the move higher. Under the current setup, they need to hold the $0.06 support lest DOGE fall to $0.05, its yearly low again.
Dogecoin Network Expands Despite Bear Market
According to analyst Ali Martinez, the number of new Dogecoin addresses created every day increased by 265%, from 14,470 to 38,430. He said network expansion is a good indicator, which may soon show up in the price of Dodge.
The increase in the number of holders may not affect prices immediately, but it can indicate interest in an asset over time, which is still a good indicator according to Ali.
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For now, Dogecoin ranges in an almost rectangular range between $0.060 and $0.075. The breakout of this range upwards or downwards will be decisive for the rest of the DOGE/USD fluctuations.