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Dogecoin’s consolidation has not damaged its higher-timeframe uptrend, in response to crypto analyst Cantonese Cat (@cantonmeow), who in an August 19 livestream argued that DOGE continues to respect key help buildings regardless of uneven day-to-day value motion. “Lots of people are very very bitter about Doge, after all,” he mentioned, as a result of the meme-coin “has been [forming] larger highs and better lows.” In his view, the technical context stays constructive: “This can be a bull development till confirmed in any other case.”
Dogecoin Defies The Bears
Cantonese Cat anchored his name in multi-timeframe alerts reasonably than short-term oscillations. On the weekly and month-to-month charts, he mentioned Dogecoin has been holding the 20-week and 20-month transferring averages, a mix he characterizes as according to an intact main uptrend. “I don’t function on the each day foundation… I function on a a lot larger time-frame,” he defined, stressing that the broader construction outweighs near-term volatility.
Associated Studying
On the each day chart, he acknowledged weak point relative to shorter transferring averages and cloud resistance, noting that DOGE is “consol[i]courting sideways” and has “damaged down beneath the 20-day.” He framed that as a routine reset inside development reasonably than a breakdown, pointing to Ichimoku dynamics: after being “rejected up right here by the Ichimoku cloud just a few weeks in the past,” value is “making an attempt to carry the tenkan/kijun back-testing space [to] discover some vitality right here to interrupt again above.”
As a part of that try to rebuild momentum, he mentioned, Dogecoin “simply had a double backside over right here,” a sample he reads as proof of demand at help. By way of X, he added: “DOGE weekly: Infinite back-test of the Ichimoku Tenkan, however forming larger low right here after its latest double backside formation.”
Responding to considerations that rangebound value motion implies exhaustion, he emphasised “timeframe bias”—that merchants obese latest chop and underweight the sequence of upper lows that has outlined DOGE’s construction since its cycle base. Whereas he conceded that “it’s all the time doable” for helps to fail, he discovered no decisive proof on larger timeframes that Dogecoin’s bull part has ended. As an alternative, he solid the present tape as a pause beneath overhead resistance, with the cloud, the 20-day common, and prior rejection zones appearing because the near-term hurdles to clear for continuation.
Associated Studying
Crucially, he located his DOGE view inside broader market-cap buildings—what many merchants monitor as TOTAL and its variants. On OTHERS (crypto market cap excluding High 10), he noticed that the composite “simply broke in regards to the 0.5 right here and… couldn’t break via 0.618,” describing a market that’s nonetheless consolidating inside a Fibonacci-defined vary.
Extra pointedly, he highlighted TOTAL3—the full crypto market cap excluding Bitcoin and Ethereum—as a constructive backdrop for altcoins: “Complete three really appears to be like fairly first rate right here. In case you have a look at the… chart, like this appears to be like like an attractive cup and deal with… [it has] damaged in regards to the 0.86 [and is] preparing for some all-time excessive stuff right here.” On that foundation, he rejected the concept a cyclical high is already in for altcoins: “I can’t be bearish on your entire cryptocurrency market… I simply can not when Ethereum simply had [its] breakout above the 0.86.”
That macro-alt setup, he argued, helps clarify why DOGE’s higher-timeframe helps proceed to draw patrons whilst intraday strikes flip noisy. The upshot is a patience-trade: DOGE’s 20-week and 20-month transferring averages stay his “main line of protection” for the uptrend; the each day chart stays the battleground the place cloud resistance and tenkan/kijun retests will decide when momentum can re-assert itself. Till these higher-timeframe anchors give means, Cantonese Cat’s verdict on Dogecoin is unchanged: “It’s nonetheless a bullish chart till confirmed in any other case.”
At press time, DOGE traded at $0.21466.
Featured picture created with DALL.E, chart from TradingView.com
