The Dogecoin weekly chart displays a set of technically constructive signals, according to crypto analyst Cantonese Cat (@cantonmeow), who published a weekly four-panel reading on DOGE on October 27. Price is currently hovering near $0.208 on Binance spot, and the pattern it highlights pivots on four independent checks: VWAP anchored at the cycle high, Ichimoku “Katana” support, a Fibonacci hold on a 0.5 logarithmic scale, and noticeably light sell-side volume during the recent pullback.
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In his post, Cantonese Cat wrote: “Attempting to grab AVWAP at cycle high as support. Claiming Ichimoku Tenkan + Kijun merge (blue and red lines merged), AKA Katana, as support so far. Holding 0.5 log fib from cycle high to cycle low as support so far. There has been no volume so far during this downturn on several exchanges, including Coinbase and Binance, and all what you need is just a little volume. to enter and we could quickly reverse any downward trend.
On the anchored VWAP chart, the teal line measured from Dogecoin’s cycle peak follows the market’s volume-weighted cost basis from the 2021 high. DOGE is putting pressure on this band above/at parity, attempting to convert it into support after a failed breakdown earlier this month.
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On a weekly basis, closing and then holding above the AVWAP cycle high tilts the risk-reward positively because it implies that the marginal participant who bought from the top is no longer underwater. Notably, the most recent weekly wick that probed below the band – printing a strong push towards the $0.09 low – was quickly retraced, with subsequent candles clustering around ~$0.21. This rejection of a drop in prices directly to the level of the anchored VWAP argues against a sustainable distribution at current levels.
The Ichimoku framework reinforces the same idea. Tenkan-sen and Kijun-sen merge around around $0.2009 on a weekly basis (a pattern the analyst refers to as “Katana”), and price is currently riding this confluence as support. The cloud (Senkou span) remains red and airy, extending ~$0.24 into the ~$0.29 region, which defines the short-term supply zone that should be cleared at a weekly close to confirm the trend’s resumption.
Until then, Katana acting as a shelf at ~$0.20 is the closest line in the sand; lose it decisively and the bias returns to testing deeper supports, but hold it and the path of least resistance shifts toward re-engaging the cloud’s lower boundary.
The Fibonacci context adds precision to these levels. Measured on the logarithmic scale from cycle high to cycle low, DOGE has so far defended the retracement from $0.5 to $0.19070 on multiple weekly closes.
This 50% line is the fulcrum of the current structure: a confirmed weekly close and acceptance below would provide momentum for the bears towards $0.382 to $0.13847, while continued defense keeps the market pointed towards successive retracement ceilings – the 0.618 to $0.26261, the 0.707 to 0.33430 $, the 0.786 at $0.41416 and the 0.886 at $0.54318 – before the full retracement to the cycle top around $0.73995.
The price has been oscillating in a wide range of $0.16 to $0.27 for months; hovering above 0.5 while probing AVWAP strengthens the argument that the $0.20 midpoint could be revisited if buyers can regain momentum.
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Volume is the wild card – and the fourth reason cited by the analyst for his optimism. The weekly multi-year histogram shows that persistent sell-offs have been accompanied by a contraction in volume, with downward arrows on the chart indicating successive periods of declining activity to low points.
On the other hand, the last major impulsive advance, at the end of 2024, generated the largest weekly turnover of the cycle. The current slowdown does not have this distribution signature; the bins on Coinbase and Binance have gotten thinner rather than bigger. In terms of market structure, declining volume following pullbacks is classic corrective behavior, and it leaves the door open for a sharp reversal if/when demand returns.
Together, the four lenses depict a market sitting atop a stacked support cluster: AVWAP, the cycle high, at roughly the current price, Ichimoku Katana merging at around $0.2009, and Log Fibonacci 0.5 at $0.19070 just below. The path to invalidation is quite clear: a decisive weekly loss of the $0.19 level would expose the $0.13847 (0.382) plateau, while the upward path is also mapped: first reclaim the lower edge of the cloud in the $0.20s, then test $0.26261 (0.618), any close weekly passing through this level focusing on $0.33430 and beyond.
At press time, DOGE was trading at $0.206.
Featured image created with DALL.E, chart from TradingView.com
