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Dogecoin (DOGE) Soars 50% In a Flash: Is More Upside Ahead?

Source Newsbtc

Dogecoin started a fresh surge above the $0.220 resistance against the US Dollar. DOGE is up over 50% and is showing signs of more upsides.

DOGE price started a fresh rally like Bitcoin and climbed above the $0.220 resistance level.
The price is trading above the $0.2800 level and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $0.280 on the hourly chart of the DOGE/USD pair (data source from Kraken).
The price could continue to rally if it clears the $0.3050 and $0.3120 resistance levels.

Dogecoin Price Eyes More Gains

Dogecoin price started a fresh surge after it reclaimed the $0.200 resistance like Bitcoin and Ethereum. DOGE was able to gain pace for a move above the $0.2200 and $0.250 resistance levels.

The pair even surged above $0.3000. A high is formed at $0.3036 and the price is now consolidating above the 23.6% Fib retracement level of the upward move from the $0.2013 swing low to the $0.3036 high. There is also a key bullish trend line forming with support at $0.280 on the hourly chart of the DOGE/USD pair.

Dogecoin price is now trading above the $0.2880 level and the 100-hourly simple moving average. Immediate resistance on the upside is near the $0.300 level. The next major resistance is near the $0.3050 level.

A close above the $0.3050 resistance might send the price toward the $0.3120 resistance. Any more gains might send the price toward the $0.34500 level. The next major stop for the bulls might be $0.350.

Are Dips Limited In DOGE?

If DOGE’s price fails to climb above the $0.3050 level, it could start a downside correction. Initial support on the downside is near the $0.280 level and the trend line. The next major support is near the $0.2680 level.

The main support sits at $0.2550 or the 50% Fib retracement level of the upward move from the $0.2013 swing low to the $0.3036 high. If there is a downside break below the $0.2550 support, the price could decline further. In the stated case, the price might decline toward the $0.2420 level or even $0.2350 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.280 and $0.2680.

Major Resistance Levels – $0.3000 and $0.3050.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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