Analyst Predicts Dogecoin Could Reach $4 in Current Bull Run
Crypto analyst Cantonese Cat suggests Dogecoin (DOGE) is in a prolonged uptrend that could potentially reach $4 per coin.
- He uses a multi-cycle framework, combining logarithmic charting, Elliott Wave structure, and Fibonacci extensions to support his analysis.
- The long-term DOGE chart shows three rounding-bottom cycles, with the third cycle currently underway.
- Current patterns are described as "cup-and-handle formations," indicating buying opportunities during pullbacks.
- An Elliott Wave roadmap identifies the current uptrend as the beginning of Wave Five, following a corrective Wave Four phase.
- The target corridor is between 1.272 and 1.618 Fibonacci extensions, suggesting a potential price near $4.13.
Market dynamics such as liquidity, derivatives, and leverage are seen as pivotal for achieving these targets, not just market capitalization figures.
- Cantonese Cat argues that market cap is often misunderstood and not a direct funding requirement.
- Potential invalidations include failing to hold key bands or tightening macro liquidity.
- If DOGE surpasses $0.33, higher targets may be achievable depending on liquidity conditions.
As of now, DOGE trades at $0.254, with technical analysis suggesting further upward movement if liquidity supports it.