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Crypto analyst Cantonese Cat (@cantonmeow) is describing the weekly Dogecoin/ USD chart as a technical magnificence as a result of a number of indicators aligning directly. Within the newest chart shared on X, a number of key options stand out, together with a long-term diagonal trendline, converging 100-week and 200-week easy shifting averages (SMAs), and a noteworthy Ichimoku Cloud setup. “I haven’t seen one thing this lovely with this a lot confluence for some time,” the analyst notes.
Why Dogecoin Appears to be like ‘Lovely’ Bullish
A dominant downward-sloping diagonal trendline, drawn from Dogecoin’s historic 2021 peak of roughly $0.70, units the tone for the chart’s construction. Since Dogecoin’s meteoric rise and subsequent fall in 2021, weekly candles have constantly responded to this diagonal, which has acted as a barrier to bullish advances and infrequently served as a spot for worth consolidation.
Associated Studying
In November final yr, DOGE broke above the development line. Nevertheless, over the previous 4 weeks, Dogecoin has as soon as once more drifted downwards into shut proximity to this trend-defining line. Dogecoin’s present revisit to the trendline represents a retest of the earlier breakout; a profitable protection at this stage would affirm the retest, a state of affairs extensively thought to be extremely bullish from a technical evaluation perspective.
One other focus is the connection between the 100-week easy shifting common (SMA) and the 200-week SMA. Within the chart shared by Cantonese Cat, the 100-week SMA is drawn in blue, whereas the 200-week SMA is depicted in black. The 100-week SMA is at present hovering at $0.1456, whereas the 200-week SMA sits at $0.1412.
Notably, the current crossing of the 100-week SMA above the 200-week SMA has fashioned a bullish “golden cross,” a technical occasion usually interpreted as a powerful optimistic sign for worth momentum from a technical evaluation perspective.
Associated Studying
The chart additionally incorporates an Ichimoku Cloud, which additional intensifies the convergence. The weekly Ichimoku setup (generally utilizing parameters 9, 26, 52, 26) shows a convergence with the weekly SMAs round $0.14. At current, Dogecoin’s worth has approached the higher boundary of that Cloud, and stayed above it.
If the worth had been to maintain an in depth above the Cloud, it might strengthen the case for a bullish continuation. Notably, the Future Cloud Outlook can also be bullish. The main spans (projected ahead) round $0.24 to $0.28 recommend a broad zone that might both cap upside strikes or act as a magnet, ought to patrons preserve conviction.
Cantonese Cat refers to this juncture as “lovely” exactly due to the overlapping significance of those 4 indicators. If Dogecoin stays above crucial assist stage ner $0.145 for consecutive weekly closes, the chance of a sustained uptrend can rise significantly.
At press time, DOGE traded at $0.17417.
Featured picture created with DALL.E, chart from TradingView.com
