Top Takeaways:
Dogecoin’s price is experiencing a bullish surge above the $0.1500 resistance level.
On the daily chart, DOGE is comfortably above a significant bullish trend line with support at $0.1285.
The price has increased by almost 20%, and now the bulls may aim for a move towards $0.1820.
Elon Musk’s Dogecoin price rally
Dogecoin is exceeding the $0.150 resistance level. The price of DOGE is outperforming Bitcoin and could potentially rise by an additional 15%.
Dogecoin Price Outperforms Bitcoin’s Surge
In the previous technical analysis, we observed a steady rise in Dogecoin above the resistance levels of $0.1120 and $0.1200. The bulls successfully pushed the price above the $0.1280 resistance and the 50-day simple moving average. They remained active and boosted the price above $0.1350.
DOGE experienced a 20% gain in just a few sessions, surpassing major cryptocurrencies like Bitcoin and Ethereum. The price even surpassed the previous swing high of $0.1436.
Dogecoin price daily chart | Source: DOGE/USD on TradingView.com
Currently, Dogecoin is trading above the 1.236 Fibonacci extension level of the downward wave, extending from the $0.1436 swing high to the $0.0807 low. Additionally, it is comfortably above a significant bullish trend line with support at $0.1285 on the daily chart.
The current price action is bullish, indicating that the price could continue to rise above $0.1650. Immediate resistance is present near the $0.1700 level, and the first major resistance is close to the $0.1740 level.
If the price successfully surpasses the $0.1740 resistance, it could move towards $0.1825, which is near the 1.618 Fibonacci extension level of the downward wave. The next key resistance is located around the $0.1880 zone. A breakthrough above this level could accelerate the price even higher towards $0.1945. Further gains might propel the DOGE price towards the $0.200 level in the coming days.
Recently, Timothy Stebbing provided insights into the evolution of Dogecoin over the past two years, highlighting a shift from speculative to utilitarian purposes.
Potential Downside Correction in DOGE?
Alternatively, Dogecoin may struggle to surpass the $0.1740 resistance or the $0.1825 level. In such a case, the price could experience a decline. Immediate support on the downside can be found near the $0.1550 level.
The first major support level is around $0.1435, which is a multi-touch zone. If the price falls below this level, it may test the same bullish trend line at $0.1285. The next significant support level is the 50-day simple moving average. If the bulls fail to defend the $0.1200 support, the price might drop towards $0.1050.
Overall, DOGE is gaining momentum above $0.1500. To continue its upward trajectory, DOGE must successfully overcome the resistance levels of $0.1700 and $0.1740 in the near future.