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Crypto analyst Cantonese Cat (@cantonmeow) suggests a scenario where Dogecoin could reach $1 or even $2 relatively quickly. In a post on don’t be surprised if it reaches $1 or $2 quickly. “
Why Dogecoin is even more bullish than the last cycle
In a recent YouTube video, Cantonese Cat provided an in-depth technical analysis, comparing Dogecoin’s current cycle to its previous historical run. The analyst pointed out that in the last cycle, the price experienced a rejection around the 0.786 Fibonacci level (logarithmic scale) before retreating and consolidating at the 0.618 level for about four weeks.
This time, however, Dogecoin appears to be sustaining price action above the 0.786 log Fibonacci level without a deeper correction. According to Cantonese Cat: “So far we are above 0.786. It’s crazy. It looks like it just wants to continue moving higher forming a beautiful bull flag.”
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Reflecting on the weekly Ichimoku Cloud signals and higher timeframe indicators, the analyst highlighted that multiple technical factors appear aligned for further bullish momentum. “If you even just look at the weekly Ichimoku [Cloud]we managed to overcome it convincingly,” he explained.
Referring to the monthly chart, he added: “We have broken through the monthly Cloud very convincingly and here, for January 2021, we have surpassed it in one fell swoop. Here [last month] we broke through it in November, we hit the 0.786 Fibonacci level here, we got rejected and we broke through [the 0.786 in the first days of December].”
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The analyst also pointed out that, unlike the previous cycle, Dogecoin is not showing a significant retracement before attempting higher levels: “It doesn’t even want to do a big back test or anything. You’ve almost reached the monthly retrospective test [Cloud]I’m not quite there, so all of these are very bullish.
Cantonese Cat believes that Dogecoin could soon challenge its all-time highs, citing a more bullish overall chart structure compared to the previous cycle. “I think DOGE will reach all-time highs relatively soon. The monthly SuperIchi is also ready… This is a fairly bullish graph,” he remarked.
The analyst referenced potential Fibonacci extension targets of $2.3 (1.414 extension) or even $4 (1.618 extension), noting that these levels, while seemingly elevated, theoretically remain on the table given current market conditions . “It’s a little crazy to think that because of the market cap, but so far I can’t deny the way it looks right now: It actually looks a little more bullish than the previous cycle.”
At the time of writing, DOGE was trading at $0.44.
Featured image created with DALL.E, chart from TradingView.com