Crypto Analyst Forecasts Potential Dogecoin Price Surge to $4

Analyst Cantonese Cat suggests that Dogecoin's recent six-month price consolidation indicates a potential upward breakout rather than a downward trend. Key observations include:

Current sentiment is negative due to price stagnation since last autumn.
Dogecoin is forming a cup and handle pattern, with significant Fibonacci retracement levels at play.
The price has found support at the 0.382 level, indicating a strong bullish setup.
Six consecutive monthly inside candles suggest energy buildup for a potential move.
Low selling volume across major exchanges indicates reduced bearish pressure.
Daily chart shows signs of a "treasure bottom" and bullish divergence in RSI.

Price targets, provided volume increases, include $1.60, $2.26, and $4.13, based on Fibonacci analysis. However, a return to previous highs like $23 is deemed unrealistic given current market conditions. The analyst emphasizes that sentiment against Dogecoin may offer a buying opportunity, advocating for monitoring significant price levels for confirmation of trend direction.

At press time, Dogecoin (DOGE) traded at $0.171.