Dogecoin Tests $0.068 Support as Crypto Market Awaits NFP Data
Dogecoin's price has been falling since August 3, with only one green day recorded in the month so far. The crypto market is experiencing mixed action as investors await Friday's nonfarm payrolls data and unemployment rate for July. A recent report from a crypto analyst noted that weekly active Dogecoin addresses jumped 16% to 44,000, indicating increased on-chain activity.
On August 4, spot Dogecoin ETFs recorded their first day of net inflows since July 21, with $82,640 reported by SoSoValue. This marks a significant turnaround for the products, which have seen just two days of net outflows this year.
The price drop has led to a test of the $0.068 support level, and analysts will be watching closely for any signs of resistance in the $0.073 to $0.08 range. Dogecoin is currently down 1.78% in the last 24 hours to $0.068 and down 2.03% weekly.