Dogecoin\u2019s six-month consolidation is a coil, not a coffin, according to the pseudonymous technician Cantonese Cat, whose 19 June video marshals multiple time-frame evidence to argue that the meme-coin\u2019s next directional break will be up\u2014potentially as far as $4.13 before the current cycle tops out.<\/p>\n
The analyst begins<\/a> by addressing sentiment. Retail comment threads have turned caustic, he notes, because price has slipped from last autumn\u2019s spike and then \u201cdone nothing for months.\u201d Yet such fatigue is precisely what bull-market retracements are meant to produce: \u201cA lot of people are getting really bitter about Doge \u2026 that\u2019s exactly how higher highs and higher low type situations are supposed to get you all frustrated. This is still a bull trend until proven otherwise.\u201d<\/p>\n At the highest zoom level, Dogecoin is tracing what he calls \u201cstill a cup and \u2026 still a handle until proven otherwise.\u201d The first thrust of that handle halted almost exactly at the 0.786 Fibonacci retracement of the 2022\u201324 bear range\u2014\u201ca very important fib level here.\u201d Because initial attempts rarely pierce that resistance, he expected rejection. What matters is where the pullback found support: \u201cIn the case of Dogecoin, it decided to go all the way down to 0.382, which is nothing unusual \u2026 this is actually a pretty important zone of this nice Adam-and-Eve double bottom.\u201d The market is therefore testing, not violating, an historically powerful neckline.<\/p>\n Zooming to the monthly chart, Dogecoin sits beneath what the analyst calls \u201ca pretty thick Ichimoku cloud.\u201d Two breakout attempts have failed, producing a pair of wicks that look ominous to casual chart watchers. Cantonese Cat disagrees: \u201cWe had a little bit of a false breakout here on the monthly \u2026 I think a third time is going to be the charm.\u201d Beneath the cloud, six consecutive monthly candles have nested entirely inside the tall green bar printed last November. He interprets the formation\u2014six inside bars\u2014as latency building for a violent move: \u201cYou\u2019re talking about consolidation with six inside candles forming a lot of energy here.\u201d<\/p>\n That compression is mirrored on the weekly time frame: \u201cIf you also look at the weekly here, you can also see that you have six inside candles over here too \u2026 that tells me that there is not much bearish energy necessarily left anymore. I think we\u2019re closer to the bottom than the top.\u201d<\/p>\n Key structural support is supplied by a rising 20-month simple moving average, now at $0.1737. Price currently ticks below it, but the slope is still positive. Historically, such combinations resolve in favour of the trend: \u201cIf you have a 20-month moving average that is up-sloping, most likely this is just going to be a wick.\u201d He cites an earlier cycle<\/a> when Dogecoin wicked beneath the same metric before staging a dramatic reversal.<\/p>\n Price action, he argues, is meaningless without context. \u201cIf I end up looking at Doge here on Coinbase and I pull up the volume here, you can also see that there is no selling volume here at all.\u201d Binance, the world\u2019s deepest Dogecoin market, shows identical inertia. \u201cThe selling volume is essentially non-existent,\u201d he says, concluding that supply overhang has vaporised and only demand is required to propel a reversal. Twice before\u2014in July 2023 and February 2024\u2014identical volume droughts preceded V-shaped rallies: \u201cLow selling volume over here, reversal once volume comes in \u2026 low selling volume over here, reversal once volume comes in.\u201d<\/p>\n Daily-chart oscillators are beginning to corroborate the structural read. Dogecoin has just registered what Cantonese Cat labels a \u201ctreasure bottom\u201d\u2014his term for a localised capitulation whose candle body is far smaller than its wick. More formally, the relative-strength index has exhibited bullish divergence: price has etched lower lows while RSI turns higher. \u201cLast time when you have some bullish diversions<\/a> was right here \u2026 that was the local bottom right there,\u201d he says, pointing to the October 2023 reversal. The pattern repeated in March 2024 and appears again today: \u201cI think that we might be experiencing a trend change here relatively soon.\u201d<\/p>\n Should volume arrive and price claw back through the 0.5 and 0.618 retracements, Cantonese Cat\u2019s Fibonacci ladders flag successive targets. From the Binance dataset, \u201c$1.60, $2.26 and $4.13, all of these are possibility for Dogecoin.\u201d A composite feed of multiple exchanges tweaks the numbers to $1.50, $2.27 and $3.94. What he does not foresee is a reprise of 2021\u2019s parabolic blow-off, when Dogecoin tagged the 2.272 extension and briefly suggested a trajectory towards $23. \u201cI think that $23 doge is insane \u2026 I don\u2019t think that doge is going to end up becoming, you know, like anything like $3 trillion market cap.\u201d A quarter- to half-trillion-dollar capitalisation, however\u2014roughly the price zone between three and four dollars\u2014remains \u201csomething to think about\u201d given current monetary expansion.<\/p>\n Cantonese Cat interprets the community\u2019s malaise as a contrarian gift: \u201cThe market makers are giving us more time to buy while the sentiment is extremely, extremely poor.\u201d Inside-bar ranges serve as a simple trigger. A close above the six-month range high would, in his reading, unlock the primary up-trend\u2019s next leg. Conversely, a close below the 20-month average<\/a> might delay\u2014but not necessarily invalidate\u2014the thesis, provided the moving average itself keeps rising.<\/p>\n Across every lens\u2014the macro cup-and-handle, the Adam-and-Eve neckline test, Ichimoku resistance, 20-month moving average support, volume exhaustion, daily bullish divergence\u2014the weight of evidence converges on a bullish outcome. Timing, he concedes, is unknowable: \u201cWhen is that going to be? I don\u2019t know.\u201d Yet none of the data justify capitulation. He closes with the maxim he repeats three times in the broadcast: \u201cThe trend is your friend, and the trend is up.\u201d If that view holds, Dogecoin\u2019s dormant coil may eventually unwind toward the analyst\u2019s most ambitious extension at $4.13\u2014a level unthinkable to today\u2019s demoralised sellers, and precisely for that reason, he argues, still within reach.<\/p>\n At press time, DOGE traded at $0.171.<\/p>","protected":false},"excerpt":{"rendered":" Dogecoin\u2019s six-month consolidation is a coil, not a coffin, according to the pseudonymous technician Cantonese Cat, whose 19 June video marshals multiple time-frame evidence to argue that the meme-coin\u2019s next directional break will be up\u2014potentially as far as $4.13 before the current cycle tops out. Dogecoin Breakout Is Only A Matter Of Time The analyst […]<\/p>\n","protected":false},"author":0,"featured_media":74897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-74896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/74896"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=74896"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/74896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/74897"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=74896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=74896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=74896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}DOGE Price Targets<\/h2>\n