Crypto analyst Cantonese Cat (@cantonmeow) suggests a situation by which Dogecoin might attain $1 and even $2 comparatively rapidly. 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 out a deeper correction. In accordance with Cantonese Cat, “Thus far we’re above the 0.786. That’s insane. It seems to be prefer it simply needs 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. “For those who’re additionally simply taking a look at just like the weekly Ichimoku [Cloud], we broke by way of that convincingly,” he defined.
Referencing the month-to-month chart, he added, “We broke by way of the month-to-month Cloud very convincingly and over right here, for January 2021, we simply broke by way of it in a single stroke. Over right here [last month] we broke by way of it in November, hit the 0.786 fib stage right here, received rejected and we broke by way 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 just isn’t exhibiting a major retrace earlier than trying larger ranges: “It doesn’t even actually need to have a giant again check or something. You bought type of near again check 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 feel DOGE goes to make all-time highs comparatively quickly. Even the SuperIchi month-to-month is prepared… It is 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 type of insane to consider due to the market cap, however to this point I can’t deny the best way that this seems to be proper now—it really seems to be a bit of bit extra bullish than last cycle.”
At press time, DOGE traded at $0.44.
Featured picture created with DALL.E, chart from TradingView.com