Bulls are back in Dogecoin after breaking a key trendline that could spark a rally. After a sideways period, buyers are now eyeing $0.1293. This breakout could kick off a major rally, but will bulls sustain the momentum or will the resistance above prevent them from reaching new highs?

This article will look at Dogecoin’s trendline breakout and the potential upside. We will look at the technical indicators driving the bullish momentum, key resistance levels, and whether buyers can push the price to $0.1293.

DOGE increased by 4.68% to $0.1068, 24 hours ago. The coin's market capitalization reached $15.5 billion, while its trading volume exceeded $717 billion. The market capitalization and trading volume increased by 4.70% and 71.33%, respectively.

A position above the 100-day SMA typically indicates bullish momentum, which could lead to further bullish action. The next leg of the rally depends on a breakout from this consolidation zone.

According to the 4-hour Composite Trend Indicator, the buyers are dominating the market. The signal line and SMA are in overbought conditions, indicating strong bullish momentum. This means that Dogecoin price could increase further in the near future due to the positive trend.

DOGE is attempting to reach the 100-day SMA on the daily chart after breaking above the negative trendline. The digital asset could rise to the $0.1294 resistance level with momentum and a breakout of the current trendline.

Finally, on the 1-day chart, the composite trend indicator has crossed above the SMA and both lines are trying to exit the oversold zone towards 0, indicating increasing bullish strength for this cryptocurrency.

Dogecoin's bullish momentum, especially after breaking the key trendline, shows significant upside momentum. The price could rally above $0.1293 and other resistance levels if it holds above the 100-day SMA.

Overbought readings on key indicators could trigger a short-term decline towards $0.09149. A break below this support level could imply a deeper negative trend and further price declines.

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