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Crypto analyst Cantonese Cat (@cantonMeow) describes the weekly Dogecoin/ USD graph as a technical beauty because of several indicators that are in accordance with at the same time. In the latest graph shared Various important characteristics stand out on X, including a long-term diagonal trendline, the converging of 100 weeks and 200 weeks of simple advancing averages (SMAS) and a remarkable Ichimoku cloud setup. “I have seen something so beautiful with so much confluence for a while,” the analyst notes.
Why Dogecoin looks ‘beautiful’ bullish
A dominant downward sliding diagonal trendline, drawn from Dogecoin’s historic 2021 peak of approximately $ 0.70, sets the tone for the structure of the card. Since the meteoric rise in Dogecoin and the subsequent fall in 2021, weekly candles have consistently responded to this diagonal one, which has followed as a barrier for bullish advances and occasionally served as a place for price consolidation.
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In November last year, Doge broke over the trend line. In the past four weeks, however, Dogecoin has again driven down in the vicinity of this trend-definating line. The current revision of Dogecoin to the Trendline represents a retest of the previous outbreak; A successful defense at this level would confirm the retest, a scenario that is generally considered very bullish from a perspective of technical analysis.
Another central point is the relationship between the 100-week simple advancing average (SMA) and the 200 weeks SMA. In the graph that is shared by the Cantonese cat, the SMA of 100 weeks is drawn in blue, while the 200 weeks of SMA is depicted in black. The SMA of 100 weeks is currently floating at $ 0.1456, while the SMA is at $ 0.1412 from 200 weeks.
In particular, the recent intersection of the SMA of 100 weeks over 200 weeks SMA has formed a bullish ‘Golden Cross’, a technical event that is usually interpreted as a strong positive signal for price momentum from a technical analysis perspective.
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The graph also contains an Ichimoku cloud, which further intensifies convergence. The weekly Ichimoku setup (usually using parameters 9, 26, 52, 26) shows a convergence with the weekly SMAs around $ 0.14. At present, the price of Dogecoin has approached and stayed above the upper limit of that cloud.
If the price would put an end to the cloud, this would strengthen the case for a bullish continuation. In particular, the future Cloud -Voorzicht is also bullish. The leading spans (projected forward) around $ 0.24 to $ 0.28 suggest a wide zone that could either upward movements CAP or act as a magnet, as buyers.
Cantonese cat calls this moment “beautiful”, precisely because of the overlapping meaning of these 4 indicators. If Dogecoin remains a ner $ 0.145 above the critical support level for successive weekly closures, the chance of a persistent uprising can rise considerably.
At the time of the press, Doge acted at $ 0.17417.
Featured image made with dall.e, graph of tradingview.com
Credit : www.newsbtc.com
