Dogecoin (DOGE) is currently at a critical juncture, with technical analyst Cantonese Cat (@cantonmeow) predicting that the current upswing will either come to an end in the next two months or extend into a third-wave advance towards the $2 mark. The analyst shared a comprehensive analysis on X, focusing on the weekly Ichimoku profile, a daily trendline break, and multi-year Fibonacci levels to support their predictions.
Looking at the weekly timeframe, DOGE is trading around $0.27 and is attempting to break back into the Ichimoku cloud from below. Key levels are clustered just above the current price, with the Tenkan/Kijun pair and the forward spans indicating resistance levels around the mid-$0.22 to mid-$0.25 area and near $0.2969 respectively. Bulls will need to see a decisive close above the cloud body and its top, with the $0.30 zone posing as immediate resistance. A weekly acceptance above the cloud top would signal a shift to supportive conditions, while failure to break through could keep the price below a significant ceiling.
On the daily chart, a long descending trendline from late 2024 has been broken to the upside, with price action retesting the trendline in the mid-$0.24 to $0.25 region before bouncing back towards $0.27. As long as the price remains above the reclaimed trendline and the late-September swing-low zone, the short-term bias remains positive. The next major support level stands at $0.2021 if the price falls below the $0.24-$0.25 shelf.
The Fibonacci retracement levels from the multi-year base provide insight into potential price targets, with extension objectives pointing towards $0.9029, $1.2497, and $1.9934. These levels align with the analyst’s target of $2 for the third wave, highlighting the importance of the $0.30 resistance level. A move through $0.2968-$0.30 could pave the way towards the $0.4844 pivot, while a rejection could see DOGE testing the $0.2021 support level.
In conclusion, the analyst presents a two-way scenario for DOGE based on clearly defined technical indicators. The upside case requires a break above the weekly Ichimoku cloud, with targets set at $0.48 and $0.90-$1.25 before reaching $1.99. On the other hand, a failure to hold the daily trendline retest and a slide below $0.24 could signal the end of the current cycle. As DOGE trades around $0.26, all eyes are on the $0.2968-$0.30 resistance level for the next decisive move.
The charts and analysis provided offer valuable insights into the potential future movements of Dogecoin, highlighting key levels to watch for both bulls and bears in the coming weeks.