Don’t Be Surprised If Dogecoin Hits $1 Or $2 ‘In A Hurry’, Says Crypto Analyst

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As a seasoned crypto investor with a knack for identifying promising opportunities, I find Cantonese Cat’s analysis of Dogecoin intriguing and compelling. Having witnessed the crypto market’s rollercoaster ride over the years, I can attest that technical indicators often play a crucial role in predicting price movements.

Crypto expert Cantonese Cat (@cantonmeow) proposes a possibility where the value of Dogecoin might surge to $1 or even $1.50 in a short period. On platform X, the analyst expressed: “Dogecoin has closed three consecutive weeks above the 0.786 log Fibonacci level, indicating potential for increased prices; be prepared as it may swiftly reach $1 or $1.50.

Why Dogecoin Is Even More Bullish Than Last Cycle

In a recent YouTube clip, Cantonese Cat offered an extensive examination of Dogecoin’s technical aspects, drawing parallels between its current phase and past market trends. The analyst pointed out that during the last cycle, the price experienced resistance near the 0.786 Fibonacci level (using logarithmic scale) before retreating and stabilizing around the 0.618 level for roughly four weeks.

Currently, Dogecoin is maintaining its price above the 0.786 Fibonacci level without showing signs of a significant drop, as per Cantonese Cat’s analysis. Translated to simpler terms, he says, “We’re currently above the 0.786 level. That’s impressive! It seems like it wants to continue rising, creating a strong bullish flag pattern.

Looking at the weekly Ichimoku Cloud patterns and other long-term indicators, the analyst pointed out that several technical aspects seem to be in line for continued bullish movement. He further clarified that the price has clearly surpassed the Ichimoku [Cloud] on a weekly basis.

Speaking about the monthly graph, he noted, “We made a strong breach of the monthly resistance line quite clearly, while for January 2021, we’ve managed to break it with a single sweep. In contrast, last month [November] we broke through it, reached the 0.786 Fibonacci level, faced rejection there, and then made another breach in the early days of December.

The analyst noted that unlike in past cycles, Dogecoin isn’t showing a substantial pullback before moving towards higher levels: “It seems almost unwilling to have a big correction or anything significant. It came close to testing the monthly [Cloud], but didn’t quite reach it, so all these signs point towards a very optimistic outlook.

Cantonese Cat believes Dogecoin may soon challenge its all-time high levels, citing a more bullish overall chart structure relative to the previous cycle. “I think DOGE is going to make all-time highs relatively soon. Even the SuperIchi monthly is ready… This is a fairly bullish chart,” he remarked.

As an analyst, I’ve pointed out possible Fibonacci extension levels at $2.3 (1.414 extension) and $4 (1.618 extension), emphasizing that these prices, though they might seem extraordinary given the current market conditions, are still technically within reach. It seems almost unbelievable due to the market cap, but I can’t help but notice that the current trend appears more bullish than during the last cycle.

At press time, DOGE traded at $0.44.

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2024-12-09 13:16