Key Takeaways:
Dogecoin price is gaining bullish momentum above the $0.1500 resistance.
DOGE is now well above a major bullish trend line with support at $0.1285 on the daily chart.
The price is up nearly 20% and the bulls could now aim for a move toward $0.1820.
Elon Musk Dogecoin price rally
Dogecoin is surging above the $0.150 resistance. DOGE price is beating Bitcoin and might even rise by another 15%.
Dogecoin Price Beats Bitcoin’s Surge
In the last technical analysis, we saw a steady increase in Dogecoin above the $0.1120 and $0.1200 resistance levels. The bulls were able to push the price above the $0.1280 resistance and the 50-day simple moving average. They remained in action and pumped the price above $0.1350.
DOGE gained 20% in a couple of sessions, beating majors like
Bitcoin
and
Ethereum
. The price even cleared the last swing high of $0.1436.
Dogecoin price daily chart | Source: DOGE/USD on
TradingView.com
Dogecoin is now trading above the 1.236 Fib extension level of the downward wave from the $0.1436 swing high to the $0.0807 low. It is also well above a major bullish trend line with support at $0.1285 on the daily chart.
The current price action is bullish and suggests that the price could continue to rise above $0.1650. Immediate resistance sits near the $0.1700 level. The first major resistance is near the $0.1740 level.
A clear move above the $0.1740 resistance could send the price toward the $0.1825. It is near the 1.618 Fib extension level of the downward wave from the $0.1436 swing high to the $0.0807 low. The next key resistance sits near the $0.1880 zone, above which the price could accelerate higher toward $0.1945. Any more gains might send DOGE price toward the $0.200 level in the coming days.
Recently, Timothy Stebbing shared insights into how Dogecoin evolved over the last two years, shifting the narrative from speculative to utilitarian.
Downside Correction In DOGE?
Conversely, Dogecoin might fail to surpass the $0.1740 resistance or the $0.1825 level. In the stated case, the price could start another decline. Immediate support on the downside is near the $0.1550 level.
The first major support is near the $0.1435 level (a multi-touch zone), below which the price might drop and test the same bullish trend line at $0.1285. The next major support sits at the 50-day simple moving average. If the bulls fail to defend the $0.1200 support, the price might drop toward $0.1050.
Overall, DOGE is gaining pace above $0.1500. To continue higher, DOGE must surpass the $0.1700 and $0.1740 resistance levels in the near term.