In an intriguing analysis, crypto expert Cantonese Cat, known on social media as @cantonmeow, proposes a scenario where Dogecoin’s price might rapidly ascend to $1 or even $2. Sharing insights on X, the analyst noted, “DOGE closed 3 weeks in a row above 0.786 log fib, which makes higher prices possible; don’t be surprised if it hits $1 or $2 in a hurry.”
The Bullish Case for Dogecoin in the Current Cycle
In a detailed YouTube video, Cantonese Cat delves into technical analysis to compare Dogecoin’s present cycle with its past performance. During the last cycle, Dogecoin’s price encountered resistance at the 0.786 Fibonacci level, subsequently retracing and stabilizing around the 0.618 Fibonacci level for approximately a month.
This time around, however, Dogecoin is maintaining its momentum above the 0.786 level of the logarithmic Fibonacci scale without experiencing a significant correction. Cantonese Cat remarked, “So far we’re above the 0.786. That’s insane. It looks like it just wants to keep going up higher forming a very nice bull flag.”
Technical Indicators Signaling Bullish Momentum
Analyzing weekly Ichimoku Cloud signals along with various higher time frame indicators, Cantonese Cat identifies multiple technical factors pointing toward continued bullish momentum for Dogecoin. “If you’re also just looking at like the weekly Ichimoku [Cloud], we broke through that convincingly,” explained the analyst.
On examining the monthly chart, Cantonese Cat added, “We broke through the monthly Cloud very convincingly and over here, for January 2021, we just broke through it in one stroke. Over here [last month] we broke through it in November, hit the 0.786 fib level here, got rejected and we broke through [the 0.786 in the first days of December].”
Dogecoin’s Unique Position in the Current Market Cycle
Unlike its previous cycle, Dogecoin is not showing signs of a major retracement before attempting to reach higher price levels. “It doesn’t even really want to have a big back test or anything. You got kind of close to back test of the monthly [Cloud], didn’t really quite get there so all these are very bullish,” observes Cantonese Cat.
There is an optimistic outlook for Dogecoin to potentially challenge its all-time high levels, given the more bullish overall chart structure compared to prior cycles. “I think DOGE is going to make all-time highs relatively soon. Even the SuperIchi monthly is ready… This is a fairly bullish chart,” Cantonese Cat stated confidently.
Potential Price Targets and Market Conditions
The analyst references possible Fibonacci extension targets of $2.3 (1.414 extension) or even $4 (1.618 extension). While these levels might seem ambitious, they remain theoretically achievable under the current market conditions. “It’s kind of insane to think about because of the market cap, but so far I can’t deny the way that this looks right now—it actually looks a little bit more bullish than last cycle,” Cantonese Cat concludes.
At the time of the latest update, Dogecoin was trading at $0.44.
