Dogecoin (DOGE) Price Surges 15% And Technicals Suggest Strong Rally To $0.09

DOGE is moving higher above $0.0720. The current price action suggests more gains and the price could even test the $0.090 resistance zone.

Dogecoin Price Starts Fresh Rally

In the past few days, DOGE formed a base above the $0.0556 level against the US Dollar. The price remained well bid and recently started a fresh increase above the $0.0600 resistance zone.

The price was able to clear the $0.0620 resistance and the 50-day simple moving average (blue). The bulls were able to pump the price above a major bearish trend line with resistance at $0.0630 on the daily chart.

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

The price gained bullish momentum above the 50% Fib retracement level of the key drop from the $0.0895 high to $0.0558 low. Today, the price is up over 15% (outperforming bitcoin and ethereum) and is showing positive signs above the $0.0720 level.

An immediate resistance is near the $0.0767 level. It is near the 61.8% Fib retracement level of the key drop from the $0.0895 high to $0.0558 low.

The first major resistance is near the $0.0800 level. A clear move above the $0.080 resistance might open the doors for a strong upward move. The next major resistance could be near the $0.086. Any more gains might send the price towards the $0.090 resistance.

Conversely, the price might fail to rise towards $0.085 and start a downside correction. An immediate support on the downside is near the $0.070 level. The next major support is near $0.0650.

If there is a downside break below the $0.065 support, the price might start a substantial decline towards the 50-day SMA. Any more losses could open the doors for a move towards the $0.0556 support zone or the last swing low.

Overall, today’s 15% rally has opened the doors for more gains in DOGE. If dogecoin price remains stable above $0.0720 level, there could be more gains above the $0.080 and $0.085 levels. Conversely, there could be a downside correction towards the $0.065 support zone. The main support sits near the $0.0600 level, where the bulls might take a stand.