Dogecoin Could Reach $1 or $2 Quickly, Says Analyst
Crypto analyst Cantonese Cat (@cantonmeow) indicates that Dogecoin (DOGE) could reach $1 or $2 quickly. He noted on X that DOGE closed three consecutive weeks above the 0.786 log Fibonacci level, suggesting potential for higher prices.
Why Dogecoin Is More Bullish Than Last Cycle
In a YouTube analysis, Cantonese Cat compared the current Dogecoin cycle to previous runs, highlighting that during the last cycle, the price faced rejection near the 0.786 Fibonacci level before consolidating at the 0.618 level for about four weeks.
This time, Dogecoin is maintaining price action above the 0.786 level without significant correction. Cantonese Cat stated, “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.”
Analyzing weekly Ichimoku Cloud signals and higher time frame indicators, he noted alignment of multiple technical factors for further bullish momentum. He added insights from the monthly chart, noting, “We broke through the monthly Cloud very convincingly.”
Cantonese Cat observed that unlike the previous cycle, Dogecoin is not experiencing a significant retrace before attempting higher levels: “It doesn’t even really want to have a big back test.”
He believes Dogecoin may soon challenge its all-time high levels, citing a more bullish chart structure than during the last cycle. “I think DOGE is going to make all-time highs relatively soon,” he stated.
The analyst mentioned potential Fibonacci extension targets of $2.3 (1.414 extension) or even $4 (1.618 extension), suggesting these levels remain feasible given current market conditions. “It actually looks a little bit more bullish than last cycle,” he remarked.
At press time, DOGE traded at $0.44.
