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The Dogecoin weekly chart is starting to look eerily acquainted. Crypto analyst Cantonese Cat, posting underneath the deal with @cantonmeow, has printed a 3‑pane composite that reprises the technical cocktail seen simply earlier than the memecoin’s 2020/2021 soften‑up.
The graphic, launched Friday on X, lays out Dogecoin’s value motion, a International M2 Liquidity Index and the WaveTrend/Weighted Development Oscillator (WTO). Every metric is flashing virtually the identical alignment that existed in late 2020—weeks earlier than DOGE accelerated from fractions of a cent to an all‑time excessive of $0.74 the next Could.
The highest panel shows weekly candles from the 2017 by way of mid‑April 2025. Dogecoin is presently quoted at $0.154, down 68% from its December 2024 peak at $0.484. A hand‑drawn black arch traces the December‑to‑April pull‑again, and a thick arrow anchors the obvious ground at $0.13. In late 2020, Cantonese Cat employed the identical visible: a small rounding formation ended with an arrow, adopted by a vertical breakout.
M2 And WTO Line Up Completely For Dogecoin
Beneath the value chart sits the International M2 Liquidity Index, an amalgamation of the broad cash provide—money, demand deposits and simply convertible close to‑cash—throughout the greenback, euro, yen, pound and yuan blocs. M2 is usually cited as a proxy for systemic liquidity: when it expands, extra capital tends emigrate into danger property; when it contracts, those self same property are starved of flows.
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The index was shifting sideways from 2022 till the start of 2025. In the present day, the road has resumed its climb after an virtually three pause, printing 97 on Cantonese Cat’s scale and carving out the next excessive.
The underside pane hosts the WaveTrend/Weighted Development Oscillator, an overbought‑oversold indicator popularised on TradingView screens. The WTO plots a quick and sign line on a ±100 band; strikes beneath –50 replicate exhaustion, whereas bullish crossovers of the 2 traces out of that zone have traditionally marked sturdy lows.
In December 2020 the oscillator bottomed, turned upward and crossed constructive in December 2020—exactly as DOGE’s consolidation ended. As of final week, the WTO appears to be printing a backside once more and the quick line is curling up by way of its sign, hinting that unfavourable momentum is bleeding away.
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Cantonese Cat’s argument is due to this fact three‑pronged: value is compressing in a continuation sample, international liquidity is pushing to recent cycle highs, and inner momentum has shifted from deeply oversold towards restoration. The final time these indicators converged, Dogecoin outperformed each main digital asset for half a yr.
Cantonese Cat’s tongue‑in‑cheek reminder—“When it pumps, you’re in it for the tech”—masks a critical level. Dogecoin nonetheless trades extra like an possibility on international liquidity than a fee community. As recent liquidity returns, the chart means that possibility could also be reinstating its leverage.
At press time, DOGE traded at $0.155.
Featured picture created with DALL.E, chart from TradingView.com