Dogecoin is rebounding from losses it encountered in the $0.1020 area against the US Dollar and is exhibiting promising growth, potentially breaking through the $0.1165 resistance. It has initiated a fresh upward movement beyond the $0.1100 resistance level, with its price sitting above $0.1120 and the 100-hourly simple moving average.
Significantly, there was a break above a major bearish trend line at the $0.1100 resistance, indicating bullish tendencies. The next key resistance levels are at $0.1165 and $0.1180. Successfully surpassing these could send the price climbing toward $0.1240 and possibly even close to $0.1320.
However, if the price fails to break the $0.1165 level, a decline might ensue. Initial supports are placed around $0.1120 and $0.1100, with main support at $0.1080. A break below the $0.1080 level could result in a further dip towards the $0.1020 or even $0.0980 mark.
Technical indicators show positive trends: the MACD for DOGE/USD is gaining bullish momentum and the RSI stands above the 50 level, indicating a favorable position for upward movements.
