According to independent chartist Cantonese Cat (@cantonmeow), Dogecoin (DOGE) is at a critical juncture that could either see the current uptrend come to an end in the next two months or extend into a third-wave advance towards approximately $2. The analyst shared a three-chart package on X, focusing on the weekly Ichimoku profile, a daily trendline break, and multi-year Fibonacci levels.
Dogecoin’s Potential Path to $2
On the weekly timeframe, DOGE is currently trading around $0.27 and is trying to move back into the Ichimoku cloud from below. Key levels are clustered just above the current price, with the Tenkan/Kijun pair in the mid-$0.22 to mid-$0.25 range and the forward spans indicating an upper boundary near $0.2969.
The chart annotation emphasizes the need for bulls to decisively close back inside the cloud and then break through its top, with the immediate weekly resistance seen around $0.30. A weekly acceptance above the cloud top would signal a shift to supportive conditions, while failure would keep the price below a significant ceiling.
The daily chart highlights a breakout above a long descending trendline from late 2024 highs, followed by a retest of the broken line in the mid-$0.24–$0.25 range before bouncing back to $0.27. As long as the price remains above the reclaimed trendline and the late-September swing-low zone around $0.24, the short-term bias remains positive.
The third chart outlines the broader roadmap using Fibonacci levels derived from the multi-year base. Key retracement levels are identified, with extension targets aligning with the analyst’s projected “wave 3” target near $2. The $0.30 zone is highlighted as a crucial level that coincides with the weekly cloud top and a key Fibonacci retracement.
A move above $0.30 would pave the way towards the $0.4844 pivot, while a rejection below this level could see DOGE retracing towards the $0.2021 support. The analyst’s analysis hinges on specific technical gates, with a breakout signaling further upside potential and a failure indicating a potential trend reversal.
As of the latest data, DOGE is trading at $0.26.
Featured image created with DALL.E, chart from TradingView.com