Dogecoin (CRYPTO:DOGE) price was trading around $0.181 on Monday after a decent surge earlier in the day. This price action follows a breakout from a strong support zone near $0.170. The asset has shown strong upward momentum recently, breaking through key resistance levels and continuing to climb higher.

As Dogecoin price action shifts into bullish territory, traders will be closely monitoring whether it can sustain these gains or if a retracement is imminent.

What Happened With Dogecoin’s Price

On the 30-minute chart, Dogecoin price surged above $0.176, breaking through previous resistance levels. This breakout follows a series of higher lows, which formed a bullish trendline and showed that buyers were getting stronger. After a brief consolidation phase, DOGE tested higher resistance zones and broke through the $0.1795 level, which is an important zone to watch.

Key support is located around $0.170, which was mentioned yesterday. If Dogecoin maintains this structure, we could see a continuation of the current bullish trend toward higher resistance zones.

The Fibonacci retracement from the recent swing low at $0.1475 to the recent high at $0.1827 shows a key 50% retracement zone at $0.1730. This suggests that if there is a pullback, $0.1730 will be a critical support level to watch closely. If Dogecoin manages to maintain support at this level, it could continue pushing toward $0.1840-$0.1850.

Why Is Dogecoin Price Surging Today?

On the 30-minute chart, Dogecoin has seen a clear breakout from a downtrend, converting the previously capped top levels into newfound support. The recent move above $0.1795 marks a crucial shift in the trend, with price testing higher levels at $0.1817. A close above $0.1820 would solidify the bullish setup and could push DOGE price to surge toward the $0.1840-$0.1850 zone, a key resistance area on the chart.

Key Levels To Watch:

As we advance to May 9, the pivotal levels to observe for Dogecoin price are $0.176 (support) and $0.185 (resistance). A successful breach above $0.185 could set the stage for Dogecoin to target $0.190, the next significant resistance zone. However, failure to maintain $0.176 might indicate a deeper retracement toward $0.170 or even $0.164, which were crucial support levels earlier in the rally.

Looking ahead to May 9, Dogecoin price analysis suggests a critical test of higher resistance levels around $0.1840 and $0.1850. A breakout above these levels could pave the way for a move toward $0.1900, fueled by persistent bullish sentiment in the market.

Potential Scenarios For May 9: