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The Dogecoin weekly construction is as soon as once more the speak of Crypto-Twitter after pseudonymous technician Cantonese Cat (@cantonmeow) published a logarithmic Fibonacci road-map for the meme-coin’s fourth bull cycle. The chart, constructed on TradingView and shared on 13 July, anchors the whole 2021–2022 vary and tasks each horizontal retracement ranges and upward-sloping Fib-channels, providing a granular set of targets.
Dogecoin To $23?
At Friday’s shut DOGE modified palms close to $0.20, virtually precisely towards the 0.5 retracement line, highlighted on the graphic at $0.19049. The overlay exhibits worth compressing inside a three-year ascending channel whose decrease rail has supplied assist because the June 2022 capitulation. Volatility has been fading inside that hall, shaping a broadening wedge that has to date revered each golden-ratio diagonal printed on the chart.
Associated Studying
Cantonese Cat’s horizontal grid begins with the cycle ground—Fib 0 at $0.04909—and climbs by way of a dense cluster of intermediate resistances: 0.618 at $0.26232, 0.707 at roughly $0.33, 0.786 at $0.41368 and 0.886 at $0.54253. The 1.0 line—Dogecoin’s Might 2021 macro-top—is mounted at $0.73905 and types the higher boundary of what the analyst calls “the primary liquidity wall.”
Above it, blue extensions lengthen far past earlier cycle extremes: 1.272 at $1.54518, 1.414 at $2.27089 and 1.618 at $3.94842. Tremendous-cycle projections seem at 2.0 ($11.12397) and the headline-grabbing 2.272 extension at $23.25744—ranges the dealer himself stresses are “purely imaginative until unprecedented liquidity flows in.”
Golden channels working diagonally throughout the entire canvas translate the identical ratios into time-adjusted dynamic assist and resistance. Inner rails marked 0.236 and 0.382 have repeatedly capped minor rallies since mid-2022, whereas the 0.5 diagonal is now performing as an inflection level beneath spot worth.
The present weekly candle is probing that rail from above, echoing the analyst’s separate Ichimoku view that DOGE is “nonetheless underneath Tenkan resistance” and “will most likely shut the week proper round 20 cents, then battle one other day to push by way of resistance later. I don’t suppose we’ll get previous this degree on its first attempt.”
Associated Studying
The longer-term backdrop that retains the feline strategist constructive is seen on the two-month chart. There, DOGE has printed what fellow technician @ManehattanStonk labels a “rising three strategies” formation—a bullish continuation sample that Cantonese Cat notes is “taking part in out alongside XLM.”
Quantity dynamics seem to assist the thesis: in one other publish the analyst calls current promoting “pathetic” and argues: “Who’s promoting DOGE? No one essential. Promote quantity’s pathetic. All it takes is just a few quantity to return in and this factor will pump to the moon.”
Whether or not that pump can realistically attain the two.272 extension—and thus the meme-laden goal of $23—is the query that triggered the thread. Cantonese Cat’s reply is blunt: “I don’t suppose it’s going to $23 this cycle.” The remark underscores his broader level that Fibonacci projections, whereas mathematically neat, are in the end hostage to liquidity circumstances nobody can forecast.
The $3.94 area—marked by the 1.618 Fibonacci extension—stands out as a reputable upside goal. Analyst Kevin notes that in every previous bull cycle, Dogecoin in the end superior to this very extension.
At press time, DOGE traded at $0.20575.
Featured picture created with DALL.E, chart from TradingView.com
