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Crypto analyst Cantonese Cat (@cantonmeow) suggests a scenario where Dogecoin could reach $1 or even $2 relatively quickly. Posting on X, the analyst said: “DOGE has closed 3 consecutive weeks above 0.786 log fib, making higher prices possible; don’t be surprised if it goes to $1 or $2 quickly.”
Why Dogecoin Is More Powerful Than Last Cycle
In a recent YouTube video, Cantonese Cat provided an in-depth technical analysis, comparing Dogecoin’s current cycle with its past history. The analyst highlighted that last cycle, the price faced rejection near the 0.786 Fibonacci level (log scale) before retreating and consolidating at the 0.618 level for almost four weeks.
However, this time around, Dogecoin seems to support the price action above the 0.786 log Fibonacci level without a deep correction. According to Canton Cat, “So far we’re above 0.786. That’s crazy. It looks like it just wants to keep going higher and make a nice bull flag.”
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Given the Ichimoku cloud signals and high-term indicators, the analyst emphasized that many technical factors seem to be aligned to develop bullish momentum. “If you just look at it as a weekly Ichimoku [Cloud]we satisfactorily broke that,” he explained.
Referring to the monthly chart, he added, “We have broken the monthly Cloud very convincingly and here, in January 2021, we have just broken it in one strike. Over there [last month] we completed it in november, hit the 0.786 fib level here, got rejected and broke [the 0.786 in the first days of December].”
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The analyst also pointed out that, unlike the previous cycle, Dogecoin does not show significant tracking before trying higher levels: “It doesn’t really need a big back test or anything. You got some kind of regular monthly test [Cloud]I didn’t get there so this is all very powerful. “
Cantonese Cat believes that Dogecoin may challenge its all-time highs, citing a higher chart structure relative to the previous cycle. “I think DOGE is going to do great things very soon. Even the monthly SuperIchi is ready… This is a very good chart,” he said.
The analyst mentioned the potential Fibonacci extension target of $2.3 (extension of 1.414) or even $4 (extension of 1.618), stressing that these levels, although they seem high, remain conceptually on the table given the current market conditions. “It’s crazy to think about because of the stock market, but so far I can’t deny how this looks right now – it actually looks a lot better than the last cycle.”
At press time, DOGE traded at $0.44.
The featured image was created with DALL.E, a chart from TradingView.com
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