Dogecoin Mirrors AMD’s Setup From Last Year, Analyst Suggests

Dogecoin's recent price pullback could be a setup for potential gains, according to crypto analyst Cantonese Cat. The current behavior of Dogecoin mirrors that of AMD before its rally.

Key Observations:

The analyst highlights slipping DOGE prices on weakening volume and reduced public optimism as improving risk/reward conditions.
Fibonacci retracement levels are used to map DOGE's key price bands: $0.373, $0.297, $0.202, $0.154, $0.118, $0.084, and $0.049.
DOGE is currently in the 0.382 region (~$0.118), considered a critical level for determining if the pullback is corrective or deeper.
Volume analysis shows declining participation as DOGE prices fall, suggesting potential exhaustion of sellers without new supply pressures.

Long-Term Projections:

Cantonese Cat views the last 13 months as a bear market, with the current phase seen as a wave 2 correction before a wave 3 rise.
Fibonacci extensions identify future targets: $0.90, $1.25, $1.99, $4.78, and $8.91.
The analyst compares DOGE to silver, suggesting periods of low interest may lead to asymmetric opportunities.

As of now, DOGE is trading at $0.12.