The value of Dogecoin against the US dollar has risen nearly 37% and is now 65% higher than last week
Dogecoin (DOGE) surged by almost 37% following a weekend of strong upward momentum across several cryptocurrencies. Leading digital asset Bitcoin reached a new milestone of $24,209 on December 20, while Bitcoin Cash (BCH), Bitcoin SV (BSV) and Dash (DASH) also posted notable gains.
Among the top 50 cryptocurrencies, Dogecoin (DOGE) climbed about 15% on Saturday, 17% on Sunday, and is up approximately 37% at the time of writing.
This dramatic move in the DOGE/USD pair over the past two days coincided with a surge in sentiment after Elon Musk tweeted about the meme coin. The Tesla and SpaceX CEO also changed his Twitter bio to “Former CEO of Dogecoin,” which appears to have driven additional attention to the altcoin on social media.
It remains uncertain how far the price will rise from this push. The current outlook, however, suggests DOGE could reach short-term highs near $0.010.
DOGE/USD
DOGE/USD daily chart. Source: TradingView
On the daily chart, the MACD is strengthening within bullish territory while the RSI indicates buyers are in control as it rises above 75. The Dogecoin price could push above $0.006 if bulls can break and hold gains above $0.0056 by the daily close.
If momentum fades and bears regroup, DOGE could first pull back to $0.0049 and then to $0.0045. Initial support levels lie at the 23.6% and 38.2% Fibonacci retracement levels of the advance from $0.0028 to $0.00554. Prices could then drop toward $0.0038 and the 50 SMA near $0.0032.
DOGE/USD hourly chart. Source: TradingView
On the hourly chart, DOGE/USD is trading above the simple 100-hour moving average and is attempting to strengthen near the upper boundary of an ascending channel.
However, the channel’s upper trendline has limited a potential breakout around $0.0055. If bulls can push above that level and reach $0.0058, the next move above $0.006 could target a retest of the $0.010 area and, eventually, the prior high near $0.018.
Conversely, if bears push the price below $0.0052 (the channel’s midpoint), prices could fall toward the lower channel boundary near $0.0047. The next key support is the 100 SMA around $0.0040, followed by a level near $0.0036.