Dogecoin Remains in Uptrend Despite Current Price Consolidation
According to analyst Cantonese Cat, Dogecoin (DOGE) remains in a higher-timeframe uptrend despite recent price consolidation. Key points include:
- DOGE respects key support levels and has been forming higher highs and higher lows.
- On weekly and monthly charts, DOGE holds above the 20-week and 20-month moving averages, indicating a primary uptrend.
- Short-term price action shows weakness with DOGE below the 20-day moving average but is viewed as a routine reset rather than a breakdown.
- A double bottom pattern suggests demand at support, indicating potential for upward momentum.
- Concerns over rangebound action are countered by an emphasis on higher lows that define DOGE's structure.
- Broader market conditions show constructive signals for altcoins, especially TOTAL3, which indicates a favorable environment for DOGE.
- Cantonese Cat maintains a bullish outlook for DOGE until higher-timeframe supports fail.
As of now, DOGE trades at $0.21466.
