In a livestream on August 19, cryptocurrency analyst Cantonese Cat (@cantonmeow) stated that Dogecoin (DOGE) is still maintaining a primary upward trend on larger timeframes, despite short-term fluctuations causing many investors to feel pessimistic.

He emphasized: “Many people are feeling frustrated with Dogecoin, but in reality, it is still forming higher highs and higher lows. This is still a bullish trend until proven otherwise.”

Signals From Larger Timeframes

According to Cantonese Cat's analysis, Dogecoin is currently holding strong on important moving averages:

  • 20-Week MA and 20-Month MA.

He considers this a typical characteristic of a primary bullish trend that remains intact. “I don't trade on a daily basis. I look at larger timeframes, and the overall structure is much more important than short-term fluctuations,” he said.

Short-Term Volatility: Accumulating in the Trend

On the daily chart, DOGE is under pressure:

  • Price is below the 20-Day MA.

  • Rejected at the Ichimoku cloud a few weeks ago.

  • Currently “trying to hold at the Tenkan/Kijun back-test zone” to accumulate energy for a new breakout.

Additionally, DOGE has just formed a double bottom pattern – a sign that buying pressure is strong at the support zone. On X, Cantonese Cat writes: “DOGE weekly: continuously back-testing Tenkan in Ichimoku, but creating higher lows after the recent double bottom pattern.”

Market Sentiment and Macroeconomic Context

One of the notable points he emphasized is the timeframe bias. Many traders often focus too much on short-term fluctuations while overlooking the higher lows that have formed from the previous cycle of DOGE.

Cantonese Cat believes the sideways movement is just a “pause before resistance,” not a sign of the trend ending. The current major resistance zones include:

  • Ichimoku Cloud.

  • 20-Day MA.

  • Price zones that were previously rejected.

Overall Altcoin Market Perspective

He also places Dogecoin's analysis in the broader context of the altcoin market:

  • OTHERS (market capitalization excluding Top 10): just surpassed 0.5 Fibonacci but has not yet broken 0.618, indicating the market is still accumulating.

  • TOTAL3 (market capitalization excluding BTC & ETH): the chart is forming a nice 'cup and handle,' has surpassed 0.86 Fibonacci and is likely heading towards a new historical high.

Cantonese Cat commented: “I cannot be bearish on the entire crypto market, especially when Ethereum just broke above 0.86. The overall altcoin landscape remains very positive.”

Conclusion: The Main Trend Remains Bullish

For Dogecoin, he views the 20-Week MA and 20-Month MA as the “main defense line” of the bullish trend. Meanwhile, the daily chart will be the “battlefield” where DOGE needs to overcome the Ichimoku cloud and short-term resistance to regain upward momentum.

Until these major timeframe supports are broken, Cantonese Cat's view remains clear: “Dogecoin is still a bullish chart until proven otherwise.”