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The weekly Dogecoin graphic is back to a group of technical levels which, according to One Market, offers a favorable entry. The pseudonym Trader Cantonese Cat (@Cantonmeow) published an snapshot of tradingView and I wrote: “I bought a little more Doge and Fartcoin last night, but you knew about it.
In a monitoring note attached to the same graph, the analyst summed up the configuration as a “Doge Bull Market support band.
Best signal for purchasing Dogecoin?
The graph, created on August 3, follows Doge / USD (Coinbase) on the weekly time and shows the price of the Haussier market support band – an envelope indicator drawn under two lines – now marked around $ 0.19025 to 0.20703. At the time of the screenshot, the weekly candle displayed o: 0.24076, H: 0.24860 $, L: $ 0.188855, C: $ 0.19945, reflecting a drop of approximately 17.15% over the week with hours remaining in the session. The withdrawal follows a net two -week advance which pushed Dogecoin in the higher $ 0.20 before the sellers disappear.
Technically, the image highlights two elements beyond the support strip. The first is a descending trend line drawn on lower weekly peaks, that Price exceeded on July 16 and now tests from above. The second is the confluence between this trend and the Haussier market support strip, an area that trend followers often look to judge whether an escape holds or fails.
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The analyst’s post supervises the current retirement as a “retro-test” of the two features rather than as a breakdown, which implies that demand near the group could keep the bulls in control if the continuous level of acting as a support.
Although the position is explicitly optimistic, the evidence presented are descriptive rather than predictive. However, the weekly candle ended above the crucial domain. Thus, the configuration is clear: after having pierced a long -term diagonal barrier, DOGE revisits the area from $ 0.19 to $ 0.21, where the support band is aligned on the old drop line.
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Traders who subscribe to momentum and trend methodologies often assess such reestes to confirm, looking at stabilization, narrowing of the momentum, or rapid recovery above the group’s midline.
The message from Cantonese Cat Distille which is seen in a simple risk position. By declaring: “I think it is an excellent risk-reward here”, the commentator indicates that, in his opinion, the nearby technical levels define the risk closely compared to the potential of increase if the rupture of rupture.
As always, it is the interpretation by an analyst of the graph at a specific moment; Dogecoin remains volatile, and this week will be essential for the bulls that try to confirm the momentum, but the risk-reward report seems quite good.
At the time of the press, DOGE exchanged $ 0.199.
Star image created with dall.e, tradingView.com graphic
