Crypto analyst Cantonese Cat (@cantonmeow) suggests a situation during which Dogecoin might attain $1 and even $2 comparatively shortly. Posting on X, the analyst said: “DOGE closed 3 weeks in a row above 0.786 log fib, which makes larger costs doable; don’t be shocked if it hits $1 or $2 in a rush.”
Why Dogecoin Is Even Extra Bullish Than Final Cycle
In a latest YouTube video, Cantonese Cat offered in-depth technical evaluation, evaluating Dogecoin’s present cycle to its earlier historic run. The analyst highlighted that final cycle, the value confronted rejection across the 0.786 Fibonacci degree (log scale) earlier than pulling again and consolidating on the 0.618 degree for about 4 weeks.
This time, nonetheless, Dogecoin seems to be sustaining worth motion above the 0.786 log Fibonacci degree and not using a deeper correction. Based on Cantonese Cat, “To this point we’re above the 0.786. That’s insane. It seems to be prefer it simply desires to maintain going up larger forming a really good bull flag.”
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Reflecting on weekly Ichimoku Cloud indicators and better time-frame indicators, the analyst emphasised that a number of technical elements seem aligned for additional bullish momentum. “In the event you’re additionally simply just like the weekly Ichimoku [Cloud], we broke by means of that convincingly,” he defined.
Referencing the month-to-month chart, he added, “We broke by means of the month-to-month Cloud very convincingly and over right here, for January 2021, we simply broke by means of it in a single stroke. Over right here [last month] we broke by means of it in November, hit the 0.786 fib degree right here, received rejected and we broke by means of [the 0.786 in the first days of December].”
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The analyst additionally identified that, in contrast to the earlier cycle, Dogecoin just isn’t exhibiting a major retrace earlier than trying larger ranges: “It doesn’t even actually wish to have an enormous again take a look at or something. You bought form of near again take a look at of the month-to-month [Cloud], didn’t actually fairly get there so all these are very bullish.”
Cantonese Cat believes Dogecoin may soon challenge its all-time high levels, citing a extra bullish total chart construction relative to the earlier cycle. “I believe DOGE goes to make all-time highs comparatively quickly. Even the SuperIchi month-to-month is prepared… This can be a pretty bullish chart,” he remarked.
The analyst referenced potential Fibonacci extension targets of $2.3 (1.414 extension) and even $4 (1.618 extension), underscoring that these ranges, whereas seemingly excessive, stay theoretically on the desk given present market situations. “It’s form of insane to consider due to the market cap, however to date I can’t deny the best way that this seems to be proper now—it truly seems to be somewhat bit extra bullish than last cycle.”
At press time, DOGE traded at $0.44.
Featured picture created with DALL.E, chart from TradingView.com