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Crypto analyst Cantonese Cat (@cantonmeow) suggests a scenario where Dogecoin could reach $1 or even $2 relatively quickly. In a post on X, the analyst stated: “DOGE closed 3 weeks in a row above 0.786 log fib, making higher prices possible; Don’t be surprised if it quickly hits $1 or $2.”
Why Dogecoin is even more bullish than last cycle
In a recent YouTube video, Cantonese Cat provided an in-depth technical analysis, comparing Dogecoin’s current cycle to its previous historical run. The analyst highlighted that last cycle, the price faced a rejection around the 0.786 Fibonacci level (log scale) before retracing and consolidating at the 0.618 level for approximately four weeks.
This time, however, Dogecoin appears to be holding price action above the 0.786 Fibonacci level without a deeper correction. According to Cantonese Cat, “So far we are above 0.786. That’s crazy. It seems that it just wants to continue rising further, forming a very nice bullish flag.”
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Reflecting on the weekly Ichimoku Cloud signals and higher timeframe indicators, the analyst emphasized that multiple technical factors appear aligned for further bullish momentum. “If you are also watching the weekly Ichimoku [Cloud]“We overcame it convincingly,” he explained.
Referring to the monthly chart, he added: “We broke through the monthly Cloud very convincingly and here, for January 2021, we broke through it in one fell swoop. Here [last month] We broke through it in November, hit the 0.786 fib level here, got rejected and broke through. [the 0.786 in the first days of December].”
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The analyst also noted that unlike the previous cycle, Dogecoin is not showing a significant pullback before attempting higher levels: “It doesn’t even want to have a big backtest or anything like that. You have kind of a backtest of the month. [Cloud]”It didn’t really get there, so these are all very bullish.”
Cantonese Cat believes Dogecoin could soon challenge its all-time high levels, citing a more bullish overall chart structure relative to the previous cycle. “I think DOGE will hit all-time highs relatively soon. Even the monthly SuperIchi is ready… This is a fairly bullish chart,” he commented.
The analyst referenced possible Fibonacci extension targets of $2.3 (1.414 extension) or even $4 (1.618 extension), underscoring that these levels, while seemingly high, theoretically remain on the table given current conditions. of the market. “It’s a little crazy to think about because of the market cap, but so far I can’t deny the way this looks now; it actually looks a little more bullish than last cycle.”
At press time, DOGE was trading at $0.44.
Featured image created with DALL.E, chart from TradingView.com
