In a video analysis released today, crypto analyst Cantonese Cat (@cantonmeow) provided a multi-time-frame bullish outlook for Dogecoin, suggesting that the asset is entering its third major cycle with technical indicators aligning for an upside breakout and multi-dollar targets, provided key resistance levels are cleared. "I’m extremely bullish on Dogecoin. I’m not going to be shy about it," he stated, adding that the current advance appears "much healthier than the last cycle."
Key Points
- Dogecoin is entering its third major cycle with positive technical indicators.
- The current trend is stronger than previous cycles.
- Clearing key support levels will be crucial for price increases.
- Price targets include: $1.50, $2.27, and close to $4.
- DOGE is currently trading at $0.231 with bullish expectations for the coming weeks.
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In his monthly chart analysis, Cantonese Cat noted that the 20-month moving average has historically toggled from resistance to support at major inflection points. He believes Dogecoin is "holding the 20-month moving average and taking a stepwise approach on the way up, forming overall higher highs and higher lows." He also mentioned a quiet re-entry into the Ichimoku Cloud via consolidation, which he views as a bullish signal: "We are currently entering the Ichimoku cloud here very quietly by just going sideways. This is a cloud breakout and, as far as I’m concerned, it’s bullish."
On the weekly timeframe, he highlighted the confluence of the 20-week simple moving average and the 21-week exponential moving average, which is now acting as a floor rather than a ceiling. "You also broke above the support band resistance and flipped it into support. That’s also not a bearish thing at all," he said. The Ichimoku baseline has been defended "at around 20 cents... very well for a long time," further reinforcing the view that momentum is shifting higher.
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From a market impact perspective, if Dogecoin can break above the deep retracement band and convert it into support, its price targets become more achievable. Cantonese Cat emphasized that while the target prices are high, they are contingent on breaking key resistance levels during this cycle. He stated, "We need to break above the 0.786 and the 0.86 this cycle," adding, "one level at a time, $0.41, $0.54, we need to break above those before we can really entertain some of these higher targets."
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