Dogecoin Approaches Key Resistance With Potential $2 Target, Analyst Says
Dogecoin (DOGE) is approaching a crucial technical juncture. According to chartist Cantonese Cat, DOGE will either end its current upswing in two months or embark on a third-wave advance toward approximately $2.
Key Technical Analysis
- On the weekly chart, DOGE is trading around $0.27, trying to re-enter the Ichimoku cloud. Key resistance is near $0.30.
- If DOGE closes above the cloud top at ~$0.30, it may shift from neutral/resistance to supportive conditions.
- The daily chart shows a breakout, retest, and hold sequence, maintaining a constructive short-term bias as long as prices stay above $0.24–$0.25.
- Fibonacci levels indicate key retracement and extension points: 0.618 at $0.2021, 0.786 at $0.2968, with a 1.618 target at ~$1.99.
- A move through $0.2968–$0.30 could pave the way to ~$0.4844, while failure could push DOGE back to $0.20–$0.21.
Currently, DOGE trades at $0.26, with the area around $0.30 being the next significant test.
