Dogecoin: The Undead Meme-Coin Rises Again! đŸ¶đŸ’°

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In a twist that could only be described as a plot twist worthy of a particularly bizarre novel, Dogecoin’s daily chart, as revealed by the enigmatic trader known only as Cantonese Cat (because why not?), suggests that this meme-coin might just be waking up from its long slumber. At the ungodly hour of 02:26 UTC, the TradingView snapshot caught DOGE changing hands at a staggering $0.16979, which is, let’s be honest, still a bit lower than anyone would like. Meanwhile, the 14-period relative-strength index was lounging at 35.72, just a whisker above the classical oversold territory—like a cat on a hot tin roof, but less graceful. đŸ±â€đŸ‘€

Dogecoin Prints Bullish Divergence (Or So They Say)

The most eye-catching feature of this graphic is a series of regular bullish divergences—where the price sets progressively lower lows while the RSI, that fickle friend, traces higher troughs. Cantonese Cat, in a moment of sheer brilliance, points out three such inflection points: the first in August 2024, the second in March and April 2025, and the latest in mid-June. It’s like a soap opera, but with more numbers and less drama.

Historically, the first signal was the harbinger of a parabolic autumn rally that catapulted DOGE from the high-$0.05 area to an intraday peak just shy of $0.23—a nearly 300% advance! The March divergence, meanwhile, ushered in a 100% rebound back to the $0.26 zone, which is now acting like that one friend who always shows up uninvited.

“DOGE daily – Bullish divergence with RSI,” Cantonese Cat proclaimed, letting the annotated arrows do the talking. A schematic on the right-hand side of the chart underlines the textbook definition: in the highlighted quadrant, price slopes downward while momentum slopes upward, a configuration often interpreted as buyers quietly absorbing supply—like a sponge, but less absorbent.

Descending Channel And Key Support Line (Or Is It a Trap?)

The current structural context lends weight to the signal, or at least that’s what they tell us. Since topping out in November above $0.48, the price has been retracing inside a descending channel. Within that broader channel, Dogecoin is now retesting a former down-sloping resistance line—which provided stiff resistance throughout March and April this year—that it finally broke in early May and is now acting as crucial support near $0.163. It’s like a game of musical chairs, but with more anxiety.

Just below this back-test sits the multi-year ascending trendline, now lounging close to $0.142. Should both of those levels falter, the true lower boundary of the descending channel waits a fraction lower around $0.139, giving bulls only a narrow buffer of roughly three cents to defend. Talk about living on the edge!

From a Fibonacci perspective (because who doesn’t love a good Fibonacci?), the 0.786 retracement at $0.1826—coupled with the 20- and 50-day exponential moving averages as well as the channel midline at $0.172—forms the first ceiling that must be cleared to shift near-term momentum. A breakout above that area would expose the 0.618 level at $0.247 and the 100-day EMA. Successive hurdles then stack at the 0.5 retracement ($0.292), the 0.382 ($0.338), and the 0.236 ($0.3939), each corresponding to prior congestion zones during the winter advance. It’s like climbing a mountain, but with more spreadsheets.

Volume has begun to taper as price approaches support, while the 14-period RSI remains anchored in the mid-30s—still technically oversold, but showing a slight uptick that mirrors the bullish divergence Cantonese Cat flagged. For bears, a decisive daily close beneath the multi-year trendline would invalidate that divergence setup and likely drive DOGE toward the horizontal liquidity band between $0.135 and $0.13, with a final capitulation target around $0.10—site of last October’s base. It’s a wild ride, folks! 🎱

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2025-06-20 05:47