Dogecoin has had a bullish week following a series of gains in the past few weeks and has reached a new milestone after three years of trading. It has been rejected but more surges could be in store if the bulls are committed.
Entering the month in pullback mode, DOGE found support at $0.142 and bounced back. This triggered buying and the price continued to surge until it reached $0.438 today, the highest level in three years.
The recent surge in volatility indicates a bull case and by the looks of it, a bigger rally should be expected as demand levels rise.
But the current daily rejection is worth watching as Doge’s bullish momentum appears to be approaching exhaustion on a micro-perspective. If this proves to be a sell, it could enter a pullback mode to find a solid base to support new growth.
Looking at the rally so far, Dogecoin has recovered significantly and now looks very bullish on a daily basis. A further surge could bring a test of the May 2021 highs before deciding which way to go next.
While other top memecoins like Bonk, Floki, Elon, etc. have surged since yesterday, Dogecoin is still considered the best performer as it leads in terms of trading volume and market capitalization.
Key DOGE levels to watch
If Doge rises and successfully closes above the $0.448 level, which marked as resistance in May 2021, the next resistance levels to consider testing are $0.55 and $0.6.
On the downside, the closest minor support is currently at $0.35. If this level fails to provide support, the price could fall back to $0.298, $0.229, and possibly $0.18 before resuming bullish moves.
Key resistance levels: $0.448, $0.55, $0.6
Key Support Levels: $0.298, $0.229, $0.18
Spot Price: $0.393
Trend: Bullish
Volatility: High