Dogecoin Price Skyrocketed 78% Today; Can It Go Any Further?

Dogecoin outperformed major cryptocurrencies this week and displayed a perpendicular growth in its price chart. This bullish rally breached several resistances and now challenges the $0.15 barrier. However, such quick growth is usually unhealthy and could be immediately followed by a significant correction phase.

Key points:

• The Dogecoin price breaks the $0.135 resistance
• The daily-RSI slope jumps into the overbought territory foretelling an upcoming correction
• The 24-hour trading volume in the Dogecoin coin is $617.8 Million, indicating a 192% gain.

 Source-Digitalcoinprice

The Dogecoin price has witnessed explosive growth since last week, registering a nearly 155% rally. This bullish rally is backed by several events such as increasing whale purchases, the Dogecoin supporter Elon Musk finalizing his deal with Twitter and becoming the new CEO, and the improving global market scenario.

Thus, the DOGE became the most trending coin this week and attracted more buyers in the market. As of now, the memecoin trades at $0.15 and shows an intraday gain of 78%. The massive green candle breached the $0.89, $0.11, and $0.135 resistance in one strike and now challenges the $0.15 barrier. 

A daily candle closing above this resistance would offer a higher footing for buyers to extend the bull run. Thus, with sustained buying, Dogecoin could hit the next resistance level of $0.172.

However, further growth seems unlikely as the price has already risen significantly in a short span. Therefore, if we do not witness any news update encouraging bullish growth, the altcoin should trigger a correction phase to stabilize this rally.

Therefore, a possible retracement could retest the 0.382 Fibonacci retracement level at $0.11 or 0.5 FIB level at the $0.1 psychological mark.

Technical indicator

RSI indicator: With the roof-shattering demand continuing to grow for Dogecoin, the RSI slope spikes into the overbought zone. With no sense of brash divergence present in the chart, a restatement to cool off the bull run will take time, hinting at a prolonged uptrend in the coming hours. 

Vortex indicator: the VI lines gain a massively bullish gap thanks to skyrocketing prices, increasing the likelihood of an uptrend contribution. 

Dogecoin Price Intraday Levels

• Spot rate: $0.15
• Trend: Bullish
• Volatility: Low
• Resistance levels- $0.15 and $0.17
• Support levels- $0.135 and $0.11