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Dogecoin’s consolidation has not damaged its higher-timeframe uptrend, in accordance with 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 worth motion. “Lots of people are very very bitter about Doge, in fact,” he stated, as a result of the meme-coin “has been [forming] larger highs and better lows.” In his view, the technical context stays constructive: “It is a bull development till confirmed in any other case.”
Dogecoin Defies The Bears
Cantonese Cat anchored his call in multi-timeframe alerts quite than short-term oscillations. On the weekly and month-to-month charts, he stated Dogecoin has been holding the 20-week and 20-month transferring averages, a mixture he characterizes as in keeping with an intact major uptrend. “I don’t function on the day by day foundation… I function on a a lot larger timeframe,” he defined, stressing that the broader construction outweighs near-term volatility.
Associated Studying
On the day by day chart, he acknowledged weak spot 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 quite than a breakdown, pointing to Ichimoku dynamics: after being “rejected up right here by the Ichimoku cloud just a few weeks in the past,” worth is “attempting to carry the tenkan/kijun back-testing space [to] discover some power right here to interrupt again above.”
As a part of that try and rebuild momentum, he stated, 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: Countless back-test of the Ichimoku Tenkan, however forming larger low right here after its current double backside formation.”
Responding to issues that rangebound worth motion implies exhaustion, he emphasised “timeframe bias”—that merchants chubby recent 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 observe as TOTAL and its variants. On OTHERS (crypto market cap excluding Prime 10), he noticed that the composite “simply broke concerning the 0.5 right here and… couldn’t break by way of 0.618,” describing a market that’s nonetheless consolidating inside a Fibonacci-defined vary.
Extra pointedly, he highlighted TOTAL3—the overall crypto market cap excluding Bitcoin and Ethereum—as a constructive backdrop for altcoins: “Whole three truly appears to be like fairly respectable right here. When you have a look at the… chart, like this appears to be like like a lovely cup and handle… [it has] damaged concerning the 0.86 [and is] preparing for some all-time excessive stuff right here.” On that foundation, he rejected the concept that a cyclical high is already in for altcoins: “I can’t be bearish on your entire cryptocurrency market… I simply can’t 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 at the same time as intraday strikes flip noisy. The upshot is a patience-trade: DOGE’s 20-week and 20-month transferring averages stay his “major line of protection” for the uptrend; the day by 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
