Dogecoin (DOGE) Price Rallies Over 25%

Dogecoin (CRYPTO: DOGE) price is up more than 25% and it has managed to clear the $0.20 level. The bulls remained in action above the $0.20 level and pushed the price above the $0.2350 resistance.

There was a clear move above the 23.6% Fib retracement level of the downward wave from the $0.4336 swing high to the $0.1297 low. More importantly, the price settled above the $0.220 resistance and the 50-day simple moving average.

Dogecoin is now consolidating above the $0.2320 level and the 50-day simple moving average. The current price and the recent bullish moves in Bitcoin (CRYPTO: BTC) suggest that DOGE could soon start another increase.

Dogecoin Price Chart:

Dogecoin price is struggling to stay above the 50-day SMA on the daily chart and price could continue to rise if it manages to clear the 200-day SMA in the coming days.

Dogecoin price is struggling to stay above the 50-day SMA on the daily chart and price could continue to rise if it manages to clear the 200-day SMA in the coming days.

Dogecoin price is struggling to stay above the 50-day SMA on the daily chart and price could continue to rise if it manages to clear the 200-day SMA in the coming days.

Dogecoin price is struggling to stay above the 50-day SMA on the daily chart and price could continue to rise if it manages to clear the 200-day SMA in the coming days.

Credit: TradingView

Dogecoin Price Analysis: What’s Next For DOGE

Dogecoin is trading up 25% in the last 24 hours and it has gained 38% since the start of the week. The bulls are now in clear control and if they manage to push the price above the $0.250 level then it could pave the way for more gains.

On the upside, the first major resistance is near the $0.250 level. The next key resistance sits at the $0.260 level. A close above the $0.250 and $0.260 resistance levels could set the pace for a larger increase.

In that case, the price could surge and drift toward the $0.2815 level. The next key resistance is located at the $0.3175 level and the 61.8% Fib retracement level of the downward wave from the $0.4336 swing high to the $0.1297 low.

Any further gains might send DOGE price toward the $0.3620 level in the coming days.

Dogecoin price is struggling to stay above the 50-day SMA on the daily chart and price could continue to rise if it manages to clear the 200-day SMA in the coming days.

Dogecoin price is struggling to stay above the 50-day SMA on the daily chart and price could continue to rise if it manages to clear the 200-day SMA in the coming days.

Dogecoin price is struggling to stay above the 50-day SMA on the daily chart and price could continue to rise if it manages to clear the 200-day SMA in the coming days.

Dogecoin price is struggling to stay above the 50-day SMA on the daily chart and price could continue to rise if it manages to clear the 200-day SMA in the coming days.

Credit: TradingView

Dogecoin might struggle to break above the $0.250 resistance. In that case, the price could start a short-term downturn.

The first major support on the downside is located at the $0.220 level. The next key support is at the $0.2020 level. If there is a close below the $0.2020 support, then the price might drop toward the $0.1850 support in the medium term.

There is also a key bullish trend line forming with support near $0.1850 on the daily chart. A downside break and close below the $0.1850 support might spark heavy bearish moves and might call for a test of the 50-day simple moving average.