Will Dogecoin DOGE Maintain its Surge Increasing by Another 15 After a 20 Rise in One Day

Takeaway Points:
The price of Dogecoin is experiencing a bullish trend and has surpassed the $0.1500 resistance.
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 the bulls may now aim for a move towards $0.1820.


Elon Musk’s Influence on the Dogecoin Price Rally
Dogecoin is surging above the $0.150 resistance and has outperformed Bitcoin, with the potential for a further 15% increase.
Dogecoin Price Outperforms Bitcoin’s Surge
In our previous technical analysis, we observed a steady rise in Dogecoin above the $0.1120 and $0.1200 resistance levels. The bulls successfully pushed the price above the $0.1280 resistance and the 50-day simple moving average. They remained active and propelled 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
Dogecoin is currently trading above the 1.236 Fib extension level of the downward wave, which ranged 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 may continue to rise above $0.1650. Immediate resistance is located near the $0.1700 level, with the first major resistance at approximately $0.1740.
If the price clearly surpasses the $0.1740 resistance, it could move towards $0.1825, which is close to the 1.618 Fib extension level of the downward wave. The subsequent key resistance level is around the $0.1880 zone, and if surpassed, the price could accelerate further towards $0.1945. Any additional gains could potentially drive 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, transitioning from a speculative asset to a utility token.
Potential Downside Correction in DOGE?
Conversely, Dogecoin may struggle to surpass the $0.1740 resistance or the $0.1825 level. In such a scenario, the price could enter another decline. Immediate support on the downside is located near the $0.1550 level.
The first major support level is near $0.1435, which is a multi-touch zone. If this level is breached, the price may drop and 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 may decline towards $0.1050.
Overall, DOGE is gaining momentum above $0.1500. To continue its upward trajectory, DOGE must overcome the $0.1700 and $0.1740 resistance levels in the near future.