Crypto analyst Cantonese Cat (@cantonmeow) suggests a situation by which Dogecoin may 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 supplied in-depth technical evaluation, evaluating Dogecoin’s present cycle to its earlier historic run. The analyst highlighted that final cycle, the worth confronted rejection across the 0.786 Fibonacci stage (log scale) earlier than pulling again and consolidating on the 0.618 stage for roughly 4 weeks.
This time, nevertheless, Dogecoin seems to be sustaining value motion above the 0.786 log Fibonacci stage with no deeper correction. In response to Cantonese Cat, “Thus far we’re above the 0.786. That’s insane. It seems prefer it simply desires to maintain going up larger forming a really good bull flag.”
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Reflecting on weekly Ichimoku Cloud alerts and better time-frame indicators, the analyst emphasised that a number of technical components seem aligned for additional bullish momentum. “When you’re additionally simply taking a look at 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 stage right here, acquired 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, not like the earlier cycle, Dogecoin shouldn’t be exhibiting a big retrace earlier than making an attempt larger ranges: “It doesn’t even actually need to have a giant again take a look at or something. You bought type 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 could quickly problem its all-time excessive ranges, citing a extra bullish total chart construction relative to the earlier cycle. “I feel 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 circumstances. “It’s type of insane to consider due to the market cap, however to this point I can’t deny the best way that this seems proper now—it really seems somewhat bit extra bullish than final cycle.”
At press time, DOGE traded at $0.44.
Featured picture created with DALL.E, chart from TradingView.com