Crypto analyst Cantonese Cat (@cantonmeow) suggests a state of affairs wherein Dogecoin might attain $1 and even $2 comparatively shortly. Posting on X, the analyst acknowledged: “DOGE closed Three 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, nonetheless, Dogecoin seems to be sustaining worth motion above the 0.786 log Fibonacci stage and not using a deeper correction. In line with Cantonese Cat, “Thus far we’re above the 0.786. That’s insane. It appears prefer it simply needs to maintain going up larger forming a really good bull flag.”
Associated Studying
Reflecting on weekly Ichimoku Cloud alerts and better timeframe indicators, the analyst emphasised that a number of technical elements seem aligned for additional bullish momentum. “If you happen to’re additionally simply taking a look at just like the weekly Ichimoku [Cloud], we broke by that convincingly,” he defined.
Referencing the month-to-month chart, he added, “We broke by the month-to-month Cloud very convincingly and over right here, for January 2021, we simply broke by it in a single stroke. Over right here [last month] we broke by it in November, hit the 0.786 fib stage right here, received rejected and we broke by [the 0.786 in the first days of December].”
Associated Studying
The analyst additionally identified that, in contrast to the earlier cycle, Dogecoin shouldn’t be exhibiting a major retrace earlier than making an attempt larger ranges: “It doesn’t even actually need to have an enormous again take a look at or something. You bought sort 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… 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 sort of insane to consider due to the market cap, however thus far I can’t deny the best way that this appears proper now—it truly appears slightly bit extra bullish than last cycle.”
At press time, DOGE traded at $0.44.
Featured picture created with DALL.E, chart from TradingView.com
Jake Simmons Read More
