Dogecoin (DOGE) Rises 50% in the Blink of an Eye: Is More Upside Ahead?

Dogecoin has started a fresh rally above the $0.220 resistance against the US dollar. DOGE is up over 50% and shows signs of continued growth.

DOGE price started a up-to-date rally just like Bitcoin and climbed above the $0.220 resistance level.
The price is above the $0.2800 level and the 100-hour plain moving average.
A key bullish trend line is forming on the hourly chart of DOGE/USD with support at $0.280 (data source from Kraken).
The price may continue to rise if it breaks the $0.3050 and $0.3120 resistance levels.

Dogecoin price means more profits

Dogecoin price has started a up-to-date rally after regaining the $0.200 resistance like Bitcoin and Ethereum. DOGE was able to accelerate the move above the $0.2200 and $0.250 resistance levels.

The pair even rose above $0.3000. A high is forming at $0.3036 and the price is currently consolidating above the 23.6% Fib retracement level in an upward move from a low of $0.2013 to a high of $0.3036. A key uptrend line is also forming on the hourly chart of DOGE/USD with support at $0.280.

Dogecoin price is currently trading above the $0.2880 level and the 100-hour plain moving average. Immediate upside resistance is near the $0.300 level. The next major resistance is near the $0.3050 level.

A close above the resistance at $0.3050 could push the price towards the resistance at $0.3120. Any further gains could push the price towards the $0.34500 level. The next major stop for bulls could be $0.350.

Are dips narrow at DOGE?

If the DOGE price does not rise above the $0.3050 level, it could start a downward correction. Initial downside support is located near the $0.280 level and the trend line. The next crucial support is near the USD 0.2680 level.

Major support is located at $0.2550 or the 50% Fib retracement level, representing an upward move from a low of $0.2013 to a high of $0.3036. If there is a break below the support at $0.2550, the price may decline further. In the above case, the price may drop towards the level of USD 0.2420 or even USD 0.2350 in the compact term.

Technical indicators

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

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

Major support levels – USD 0.280 and USD 0.2680.

Major resistance levels – USD 0.3000 and USD 0.3050.