Dogecoin Ready for the Next Move, Analyst Insists

Pseudonymous analyst Cantonese Cat is among the market commentators speculating on higher prices for the meme coin alpha. In a Thursday tweet, he suggested that Dogecoin’s next move is imminent.

The market expert shares a Dogecoin 1W chart to back his assertions, pointing to the meme coin’s rejection of lower prices. His chart implied that the largest meme coin by market cap has held its own around the 0.786 Fibonacci extension and should move higher from the resistance region

Notably, Cantonese Cat emphasized that Dogecoin saw a similar price action in 2021, where it surged from the same level. The analyst’s chart shows that the seventh-largest cryptocurrency by market cap surged from the region to above the 2.272 Fibonacci level, peaking at $0.73995 in the cycle.

As a result, he argued that Dogecoin is ready to replicate last cycle’s feat, predicting an ambitious uptrend to the same Fibonacci extension at $24. Meanwhile, a surge from the current market price to the lofty $24 price target will see Dogecoin appreciate 5,818%, with its market cap surpassing $3.5 trillion.