Jakarta, Pintu News – Dogecoin (DOGE), a cryptocurrency that is often considered a joke, is now showing signs of going through a major surge. Market analyst and trader known as Cantonese Cat (@cantonmeow) recently shared his analysis which suggests that Dogecoin may be preparing to enter a significant bullish phase based on the Elliott wave structure.
According to Cantonese Cat, Dogecoin has managed to reclaim critical Fibonacci levels and seems to be moving from corrective price action to a new impulsive phase. “Initially I thought DOGE’s wave 2 retreated to 0.5 from wave 1, which is valid, but it turned out to reach 0.382 which is also possible for a wave 2 retracement,” he explained. Now, by reclaiming the 0.618 level, there are strong indications that wave 3, known as the most bullish and powerful wave, could have started.
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In the weekly chart shared, Cantonese Cat pointed out that if momentum continues to build, Dogecoin could hit some new highs. A Fibonacci projection drawn beyond the peak of “Wave 1” shows a potential zone at $0.48, with classic extensions at $0.89, $1.23, and even $1.96. These zones are often monitored by Elliott practitioners for acceleration targets or distribution risk should a third wave develop.

While these predictions are interesting, it’s important to remember that crypto markets are highly volatile and influenced by a variety of external factors. Dogecoin’s success in maintaining its price above the $0.20088 pivot and demonstrating impulsive width-rising range, growing volume, and leadership compared to its peers-will determine whether this setup will develop into a third-wave advance as anticipated or return to consolidation.
With all the technical indications in place, the chances of Dogecoin reaching never-before-seen price levels seem increasingly real. However, investors and crypto enthusiasts should remain vigilant and pay attention to the rapidly changing market dynamics.
Also Read: Michael Saylor’s Strategy: $27.2 Million Bitcoin Purchase Before the Crypto Market Crash
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