Dogecoin (DOGE) Price Skyrockets, Why The Bulls Are Not Done Yet

DOGE is surging and almost tripped in a few days. Dogecoin bulls seem to be in control and might aim a move towards the $0.20 resistance.

Dogecoin Price Extends Rally

In the past few days, DOGE saw a strong bullish wave from the $0.056 support zone against the US Dollar. The price gained pace after it broke the key $0.0700 resistance zone.

There was a clear move above a key bearish trend line with resistance near $0.097 on the daily chart. It opened the doors for a strong increase above the $0.10 resistance zone. The price is up over 150% in a few days, outpacing ethereum and bitcoin.

Dogecoin price daily chart | Source: DOGEUSD on TradingView.com

The bulls were able to pump the price above the 61.8% Fib retracement level of the main decline from the $0.1793 high to $0.0558 low. Today, the price is up over 30% and is showing positive signs above the $0.140 level.

It is trading above the 76.4% Fib retracement level of the main decline from the $0.1793 high to $0.0558 low. An immediate resistance is near the $0.170 level.

The first major resistance is near the $0.1793 high. A clear move above the $0.1793 resistance might open the doors for more gains. The next major resistance could be near the $0.20. Any more gains might send the price towards the $0.208 resistance.

Conversely, the price might start a downside correction from $0.16 or $0.17. An immediate support on the downside is near the $0.140 level. The next major support is near $0.132.

The main support is now forming near the $0.110 level. If there is a downside break below the $0.110 support, the price might gain bearish momentum towards $0.100. Any more losses could open the doors for a move towards the $0.085 support zone.

Overall, DOGE is up over 30% and is gaining pace above $0.15. If dogecoin price continues to rise, it could easily clear the $0.170 resistance. In the stated case, the bulls might aim a move towards $0.20. Conversely, there could be a downside correction towards the $0.132 support zone. The main support sits near the $0.110 level.