The Dogecoin weekly chart is flashing a cluster of technically constructive indicators, in response to crypto analyst Cantonese Cat (@cantonmeow), who printed a four-panel weekly learn on DOGE on Oct. 27. Value is at the moment hovering close to $0.208 on Binance spot, and the setup he highlights pivots on 4 impartial checks: the cycle-high anchored VWAP, Ichimoku “Katana” assist, a 0.5 log-scale Fibonacci maintain, and conspicuously gentle sell-side quantity throughout the current drawdown.
4 Motive To Be Bullish On Dogecoin
In his submit, Cantonese Cat wrote: “Making an attempt to reclaim cycle excessive AVWAP as assist. Claiming Ichimoku Tenkan + Kijun fusion (blue and pink traces fused collectively), AKA Katana, as assist up to now. Holding 0.5 log fib from cycle excessive–cycle low as assist up to now. There’s been no quantity up to now throughout this downturn on a number of exchanges together with Coinbase and Binance, and all it takes is just a few quantity to come back in and we might reverse any downtrend in a rush.”
On the anchored VWAP chart, the teal line measured from Dogecoin’s cycle peak tracks the market’s volume-weighted value foundation because the 2021 prime. DOGE is urgent that band from above/at parity, making an attempt to transform it into assist after a failed breakdown earlier this month.
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On a weekly foundation, closing and subsequently holding above the cycle-high AVWAP tilts risk-reward positively as a result of it implies the marginal participant who purchased because the peak is not underwater. Notably, the newest weekly wick that probed under the band—printing a pointy stab towards the low-$0.09s—was retraced swiftly, with subsequent candles clustering again round ~$0.21. That rejection of decrease costs proper on the anchored VWAP argues towards sustained distribution at present ranges.
The Ichimoku body reinforces the identical thought. Tenkan-sen and Kijun-sen are fused round ~$0.2009 on the weekly (a configuration the analyst labels “Katana”), and value is at the moment driving that confluence as assist. The cloud (Senkou span) stays pink and overhead, spanning roughly the $0.24s into the ~$0.29 area, which defines the near-term provide zone that might have to be cleared on a weekly shut to substantiate pattern resumption.
Till then, the Katana performing as a shelf at ~$0.20 is the close to line within the sand; lose it decisively and the bias flips again to testing deeper helps, however maintain it and the trail of least resistance shifts to re-engaging the cloud’s decrease boundary.
Fibonacci context provides precision to these ranges. Measured log-scale from the cycle excessive to the cycle low, DOGE has up to now defended the 0.5 retracement at $0.19070 on a number of weekly closes.
That fifty% line is the pivot of the present construction: a confirmed weekly shut and acceptance under would hand momentum to bears towards the 0.382 at $0.13847, whereas continued protection retains the market pointed at successive retracement ceilings overhead—the 0.618 at $0.26261, the 0.707 at $0.33430, the 0.786 at $0.41416, and the 0.886 at $0.54318—earlier than the complete retrace to the cycle excessive marker round $0.73995.
Value has been oscillating in a broad $0.16–$0.27 hall for months; sitting above the 0.5 whereas probing the AVWAP strengthens the case that the mid-$0.20s could possibly be revisited if consumers can reclaim momentum.
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Quantity is the wild card—and the fourth motive the analyst cites for optimism. The weekly histogram throughout a number of years reveals that persistent selloffs have been accompanied by contracting quantity, with downward arrows on the chart denoting successive intervals of declining exercise into lows.
In contrast, the final main impulsive advance in late 2024 printed the cycle’s heaviest weekly turnover. The present downturn lacks that distribution signature; bins on Coinbase and Binance have thinned moderately than expanded. In market-structure phrases, falling quantity on pullbacks is textbook corrective conduct, and it leaves the door open for a pointy reversal if/when demand returns.
Put collectively, the 4 lenses describe a market sitting on prime of a stacked assist cluster: the cycle-high AVWAP roughly on the present value, the Ichimoku Katana fused close to ~$0.2009, and the 0.5 log Fibonacci at $0.19070 slightly below. The invalidation path is evident sufficient—a decisive weekly lack of the $0.19 deal with would expose the $0.13847 (0.382) shelf—whereas the upside path is equally mapped: first reclaim the decrease fringe of the cloud within the low-$0.20s, then check $0.26261 (0.618), with any weekly shut by way of that degree shifting focus to $0.33430 and past.
At press time, DOGE traded at $0.206.
Featured picture created with DALL.E, chart from TradingView.com
