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Crypto analyst Cantonese Cat (@cantonmeow) suggests a scenario where Dogecoin could reach $1 or even $2 relatively quickly. The analyst wrote on X: “DOGE closed above 0.786 log fib for three weeks in a row, allowing for higher prices; Don’t be surprised if it reaches $1 or $2 quickly.”
Why Dogecoin is even more bullish than the previous 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 the price was rejected around the Fibonacci level of 0.786 (log scale) in the last cycle, before retreating and consolidating at the 0.618 level for about four weeks.
This time, however, Dogecoin appears to be maintaining the price action above the 0.786 log Fibonacci level without a deeper correction. According to Cantonese Cat: “So far we are above 0.786. That’s insane. It seems like he just wants to keep rising higher and forming a really nice bull banner.”
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Reflecting on the weekly Ichimoku Cloud signals and higher timeframe indicators, the analyst highlighted that multiple technical factors appear to be aligning for further bullish momentum. “If you also just watch the weekly Ichimoku [Cloud]we broke through that convincingly,” he explained.
Referring to the monthly chart, he added: “We broke the monthly Cloud very convincingly and here, for January 2021, we broke it in one fell swoop. Here [last month] we broke through it in November, got to the 0.786 fib level here, got rejected and we broke through [the 0.786 in the first days of December].”
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The analyst also pointed out that unlike the previous cycle, Dogecoin does not show any significant pullback before attempting higher levels: “It doesn’t even really want to have a big backtest or anything. You have an almost back test of the month [Cloud]didn’t really happen, so these are all very bullish.”
Cantonese Cat believes Dogecoin could soon challenge its all-time high, citing a more bullish overall chart structure compared to the previous cycle. “I think DOGE will reach all-time highs relatively quickly. Even the SuperIchi monthly is ready… This is a fairly bullish chart,” he noted.
The analyst referred to potential 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 market conditions. “It’s kind of crazy to think about because of the market cap, but so far I can’t deny what this looks like now – it actually looks a bit more bullish than the last cycle.”
At the time of writing, DOGE was trading at $0.44.
Featured image created with DALL.E, chart from TradingView.com
Credit : www.newsbtc.com
