Dogecoin (DOGE) is trying to support higher highs as the Cantonese Cat points to the shoulders and shoulders of possible opposites on a daily basis, squeezing the price just below the defined shelf of resistance while holding the desired area.
Dogecoin Breakout may mean $0.19
On the daily chart (DOGE/USD, Binance) shared by X on Jan. 16, The Cantonese cat covers the opposite head and shoulders arrangement: the left shoulder in early December, the deep “head” in late December near the mid-$0.11s, and the rising right shoulder as the price moves lower after the early January surge.
The main feature in that daily view is the highlighted “Buy order block” covering around $0.1250 to $0.1350. Price is shown pulling back up to that block after failing to hold the most recent pressure, which places the current trading position in the classic “right shoulder” area if the pattern is to continue to form.
Above the current spot price, the chart marks a horizontal gray band (“shoulder”) around $0.149–$0.152. This is the area where DOGE needs to re-claim the opposite thesis of H&S to change from “combining” to “trapping,” because it has worked as offered in recent tests.
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Using the Cantonese daily head and shoulders chart inverse, the measured movement of the neckline is off the lower head, shown above from the neck: the neckline is a gray band centered around $0.151 (label on the axis), while the head prints around $0.116. That gives a potential upside of $0.035, which means a target pattern near $0.186.
Notably, that target goes right into the upper red area of the chart, which starts around $0.175 and extends to $0.19, making that area the first obvious region where a confirmed breakout is expected to meet reasonable resistance.
DOGE 2-Day Bollinger Bands Signal Momentum
Notably, the Bollinger Bands on the 2-day chart support the mid-term bullish thesis. On Tuesday, Cantonese Cat highlighted that DOGE is trading above the Bollinger base around $0.1343, while the upper band is near $0.1526 and the lower band is near $0.1160.
Cantonese Cat summed up the idea succinctly: “Price wants to engage in the upper part of the Bollinger band? Do we have an opportunity here?” Actually, the “top part” of framing is important because it means momentum. After an extended decline, a strong close above the base and in the upper part of the bands can indicate that traders can no longer control the volatility profile, even before the price clears the obvious horizontal resistance.
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That said, the 2D view also makes an immediate problem clear: the upper band sits close to the same spot highlighted every day as resistance. In other words, the bullish thesis is not just “holding support,” but “proving it” with acceptance above the $0.15–$0.152 region.
If DOGE continues to defend the sideways buying block of $0.1250–$0.1350 and also seeks the supply band of $0.149–$0.152, the opposite head and shoulders thesis gains credibility. The next areas the chart itself is hitting are the high supply areas around $0.175 and the high-$0.18s region, where earlier selling pressure was evident.
If the price loses a buy order block, the pattern being read becomes materially weaker. In that case, the Bollinger structure on the 2D chart points to attention back in the lower band region near $0.1160 and the lows of late December.
At press time, DOGE traded at $0.139.
The featured image was created with DALL.E, a chart from TradingView.com
