Reason to trust
Upholding rigorous editorial standards centered on factual correctness, topical relevance, and unbiased reporting.
Authored by seasoned professionals in the field and subjected to thorough expert evaluations.
Committed to the highest benchmarks in journalistic integrity and publication practices.
Upholding rigorous editorial standards centered on factual correctness, topical relevance, and unbiased reporting.
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Despite some fluctuations in its day-to-day pricing, Dogecoin’s overarching bullish trend remains intact, according to crypto market observer Cantonese Cat (@cantonmeow). During a livestream on August 19th, the analyst suggested that Dogecoin continues to respect crucial levels of support. He acknowledged the frustration surrounding the meme coin but highlighted its continued formation of “higher highs and higher lows,” maintaining that, technically, the asset’s trend remains upward until evidence suggests otherwise.
Dogecoin Shows Resilience Against Bearish Sentiment
Cantonese Cat’s analysis is built upon longer-term signals rather than focusing solely on short-term price swings. He pointed out that Dogecoin has maintained its position above the 20-week and 20-month moving averages on weekly and monthly charts, indicators he considers indicative of a continuing primary uptrend. He emphasized his focus on broader market structures over shorter-term fluctuations.
Related Reading
Looking at the daily chart, he admitted to some weakness compared to shorter-term moving averages and resistance from the Ichimoku Cloud, observing that Dogecoin is currently “consolidating sideways” and has dipped below the 20-day moving average. However, he interpreted this as a temporary reset within the broader uptrend rather than a significant breakdown. He highlighted the Ichimoku dynamics, noting that after a prior rejection by the Ichimoku Cloud, the price is now attempting to hold the tenkan/kijun back-testing area, hoping to regain momentum for a breakout.
As part of this renewed push, he noted a recent “double bottom” pattern, which he views as a positive sign of buyer demand at support levels. On X (formerly Twitter), he noted the “endless back-test of the Ichimoku Tenkan” on the weekly Dogecoin chart, emphasizing the formation of a “higher low” following the double bottom pattern.
In response to concerns that the current sideways price action might signal the end of the rally, he stressed the importance of “timeframe perspective,” suggesting that traders are overemphasizing recent price fluctuations while undervaluing the established pattern of higher lows that has characterized Dogecoin’s structure since its cycle bottom. While he acknowledged the possibility of support levels failing, he found no significant evidence on longer timeframes to indicate that Dogecoin’s bullish phase has concluded. Instead, he characterized the present price movement as a pause below resistance, with the Ichimoku Cloud, the 20-day moving average, and previous rejection zones acting as near-term obstacles to overcome for a continued upward trend.
Related Reading
Importantly, he contextualized his Dogecoin analysis within the broader cryptocurrency market, using market capitalization metrics like TOTAL and its variations. Examining OTHERS (the crypto market cap excluding the top 10 cryptocurrencies), he observed consolidation within a Fibonacci-defined range, indicating that the market is attempting to breach resistance but struggling to do so.
He specifically highlighted TOTAL3—the total crypto market cap excluding Bitcoin and Ethereum—as a favorable backdrop for altcoins, describing it as a potential “cup and handle” pattern on the chart. He noted the breakout above the 0.86 level, suggesting the possibility of new all-time highs. Based on this, he rejected the notion that the altcoin cycle has already peaked, stating that he “cannot be bearish on the entire cryptocurrency market” given Ethereum’s breakout above the 0.86 level.
This macro-altcoin environment, he argued, helps explain why Dogecoin’s longer-term support levels continue to attract buyers despite intraday volatility. The strategy, therefore, requires patience: Dogecoin’s 20-week and 20-month moving averages remain his “primary line of defense” for the uptrend, with the daily chart representing the arena where Ichimoku Cloud resistance and tenkan/kijun retests will determine when momentum can re-establish itself. Until these longer-term indicators break down, Cantonese Cat’s outlook on Dogecoin remains unchanged: he sees “a bullish chart until proven otherwise.”
At the time of writing, Dogecoin was trading at $0.21466.
Featured image created with DALL.E, chart from TradingView.com