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

Crypto analyst Cantonese Cat (@cantonmeow) suggests a scenario in which Dogecoin could reach $1 or even $2 relatively quickly. Posting on X, the analyst stated: “DOGE closed 3 weeks in a row above 0.786 log fib, which makes higher prices possible; don’t be surprised if it hits $1 or $2 in a hurry.”

Why Dogecoin Is Even More Bullish Than Last Cycle

In a recent YouTube video, Cantonese Cat provided in-depth technical analysis, comparing Dogecoin’s current cycle to its previous historic run. The analyst highlighted that last cycle, the price faced rejection around the 0.786 Fibonacci level (log scale) before pulling back and consolidating at the 0.618 level for approximately 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’re above the 0.786. That’s insane. It looks like it just wants to keep going up higher forming a very nice bull flag.”

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Reflecting on weekly Ichimoku Cloud signals and higher time frame indicators, the analyst emphasized that multiple technical factors appear aligned for further bullish momentum. “If you’re also just looking at like the weekly Ichimoku [Cloud], we broke through that convincingly,” he explained.

Referencing the monthly chart, he added, “We broke through the monthly Cloud very convincingly and over here, for January 2021, we just broke through it in one stroke. Over here [last month] we broke through it in November, hit the 0.786 fib level here, 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 exhibiting a significant retrace before attempting higher levels: “It doesn’t even really want to have a big back test or anything. You got kind of close to back test of the monthly [Cloud], didn’t really quite get there so all these are very bullish.”

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.

The analyst referenced potential Fibonacci extension targets of $2.3 (1.414 extension) or even $4 (1.618 extension), underscoring that these levels, while seemingly high, remain theoretically on the table given current market conditions. “It’s kind of insane to think about because of the market cap, but so far I can’t deny the way that this looks right now—it actually looks a little bit more bullish than last cycle.”

At press time, DOGE traded at $0.44.

Featured image created with DALL.E, chart from TradingView.com