Following a series of gains in the past weeks, Dogecoin advanced bullish this week and reached a new milestone after three years of trading. It has seen a rejection but more surges may surface if the bulls commit.

Entering this month on a pullback mode, Doge found support at $0.142 and bounced back. This triggered a buy and the price surged consistently until it reached $0.438 today, marking its highest level in three years.

The latest surge in volatility indicates a bull run and from the look of things, bigger rallies should be expected as the demand level is now rising.

But the current daily rejection is something to pay attention to as Doge’s bullish momentum appeared to be reaching exhaustion on the micro-outlook. If this turns out to be a sell, it may enter a pullback mode to find a solid ground to foot a fresh increase.

Looking at the rally so far, Dogecoin has recovered significantly and now appears extremely bullish daily. A further surge could bring a test at May 2021 high before deciding on where next to head.

While other top meme coins like Bonk, Floki, Elon amongst others have posted major gains since yesterday, Dogecoin is still considered the best-performer as it leads the park in terms of volumes and market cap.

If Doge advances rally and managed to close above the $0.448 level, marked as resistance in May 2021, the next resistance levels to consider for tests are $0.55 and $0.6.

In case of a drop, the closest minor level for support right now is $0.35. If this level fails to provide support, the price may retrace into $0.298, $0.229 and potentially $0.18 before resuming bullish.

Key Resistance Levels: $0.448, $0.55, $0.6

Key Support Levels: $0.298, $0.229, $0.18

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: promesaartstudio/123RF // Image Effects by Colorcinch

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