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| Dogecoin |
Dogecoin (DOGE) is displaying a rare, intricate technical structure on its weekly chart, according to cryptocurrency analyst Cantonese Cat. This alignment of key technical indicators suggests a potential strong bullish reversal.
Key Technical Indicators Signal Bullish Momentum
Dogecoin's long-term downtrend line, originating from its 2021 peak of approximately $0.70, has historically suppressed upward price movements. This trendline has been a crucial directional guide for Dogecoin. After breaking above this line in November of last year, the price has recently retested this level over the past four weeks. This retest is a critical validation point. A successful hold here could signal a powerful bullish move.
Golden Cross and Ichimoku Cloud Alignment
Notably, the 100-week Simple Moving Average (SMA) has crossed above the 200-week SMA, forming a 'Golden Cross'—a classic signal of a medium to long-term bullish trend shift. The Ichimoku Cloud also aligns with this bullish sentiment. Currently, Dogecoin's price is trading above the cloud's upper boundary on the weekly chart. Sustained trading above this level would reinforce the potential for further price appreciation.
Potential Resistance Zone
The future Ichimoku Cloud's leading span is projected between $0.24 and $0.28, which could serve as a potential resistance zone for future price advances.
Cantonese Cat emphasizes, "This confluence of major technical indicators at a single point is rare. If Dogecoin maintains its weekly close above the key $0.145 support, it could signal the start of a significant bullish trend."