Dogecoin\u2019s pullback is starting to look like a setup, not a breakdown, at least according to crypto analyst Cantonese Cat (@cantonmeow), who says the meme coin is behaving the way AMD did before its turn higher last year.<\/p>\n
In a X post on Dec. 31, the analyst argued that slipping prices on weakening volume and growing public reluctance to be bullish is exactly what improves the trade\u2019s risk\/reward.<\/p>\n
\u201cI said that about AMD last year. I\u2019m saying that about DOGE right now,\u201d Cantonese Cat wrote<\/a>. \u201cThe lower price goes down on low volume. The more worried influencers are to publicly be bullish on it. The less people care about this. The better risk-reward ratio there is.\u201d<\/p>\n The Dec. 31 chart is built around Fibonacci retracement levels mapped from DOGE\u2019s prior move, with key bands marked at roughly $0.373 (0.886), $0.297 (0.786), $0.202 (0.618), $0.154 (0.5), $0.118 (0.382), $0.084 (0.236) and a lower reference near $0.049 (0). In that view, DOGE is shown sliding into the 0.382 region (around $0.118), a level many technicians watch as a make-or-break area<\/a> for whether a pullback remains corrective or risks turning into a deeper unwind.<\/p>\n Below price, Cantonese Cat\u2019s volume bars are annotated with downward arrows, reinforcing the point made in the accompanying commentary: as DOGE moved lower, participation appeared to fade. For the analyst, that combination: declining price paired with softer volume and a more reluctant public tape fits a pattern where marginal sellers can exhaust without attracting aggressive new supply.<\/p>\n Cantonese Cat\u2019s earlier Dec. 20 post sets the broader roadmap, describing the preceding stretch as a prolonged downcycle and positioning the current phase as a corrective structure rather than a fresh trend.<\/p>\n \u201cWe\u2019ve already had a 13 month bear market for DOGE, with my working hypothesis of this being likely a wave 2 correction prior to wave 3 explosion,\u201d the analyst wrote. \u201cThe entire reason why this may play out is that it doesn\u2019t feel likely right now, and you want me to stop posting.\u201d<\/p>\n That Dec. 20 chart also projects upside targets using Fibonacci extensions, with levels plotted well above the prior range. The marked extension ladder includes roughly $0.90 (1.272), $1.25 (1.414), and $1.99 (1.618), with more aggressive levels further out near $4.78 (2.0) and $8.91 (2.272).<\/p>\n The thesis is not that those levels are imminent, but that the convexity of a potential \u201cwave 3\u201d<\/a> is what makes the current pullback, if it holds the corrective framing, attractive from a risk\/reward standpoint.<\/p>\nLong-Term Dogecoin Price Targets<\/h2>\n