On June 15, senior technical analyst Guangdong Cat, in his first live broadcast in weeks, delved into the long-term technical structure of Dogecoin (DOGE), expressing a firm optimistic outlook for this meme coin. He clearly stated: 'The cup structure is still there, and the handle structure remains unchanged.' If this pattern successfully completes, he expects Dogecoin's price to break through to the $5 to $8 range. This target is based on the intersection of the monthly GAN arc and Fibonacci extension lines, which have dominated Dogecoin's upward trend since 2020.
Guangdong Cat analyzed the monthly time frame, filtering out short-term market noise. He pointed out that Dogecoin recently tested the lower boundary of the Ichimoku Kinko Hyo cloud chart; although it did not break the 'monthly cloud,' it is still consolidating nearby. 'Even if it consolidates for another month or two,' he said, 'the price will eventually enter the cloud chart, which could be a strong breakout or a natural entry after consolidation.' He emphasized that Dogecoin is currently forming 'higher highs and higher lows,' and the overall trend remains bullish.
He specifically mentioned the 20-month simple moving average (SMA), considering it the cornerstone of Dogecoin's bull market cycle. During the surge at the beginning of 2021, the price never dropped below this moving average, and once it was lost, the bear market followed. Currently, Dogecoin's price is above the 20-month SMA, and Guangdong Cat believes this area can serve as support, referring to it as the 'buying area' for long-term investors. He revealed through X that he has been continually increasing his position in Dogecoin over the past 4-5 days.
Regarding Dogecoin's lackluster performance since April, Guangdong Cat believes that this price compression is a positive signal rather than a risk. He pointed out that Dogecoin is currently below the 0.5 logarithmic scale retracement level of the downtrend from 2021 to 2022, indicating that the market is 'gaining energy.' He firmly believes that as long as the high time frame moving averages remain stable, the longer the retracement lasts, the more intense the subsequent expansion will be.
When asked about the breakthrough time, Guangdong Cat refused to give a specific prediction, only stating that the breakthrough will be in sync with the altcoin market cycle. He specifically mentioned that the price returning to the Ichimoku Kinko Hyo cloud will be a technical 'green light' signal. Once it occurs, the cup and handle pattern and GAN arc target will point to $5 to $8, creating a historical high, with a potential increase of up to 3000% to 5000% compared to the current price.
Guangdong Cat suggests: 'The price level close to the 21-day moving average is the ideal area for increasing positions.' He reminds novice investors to avoid chasing highs and suggests gradually building positions when the market is 'quiet.' He hinted that Dogecoin's current 'silence' may be the last calm before a significant surge in this cycle, and investors who miss this stage may regret it when the breakthrough occurs—provided that the technical signals he tracks come to fruition.
As of the time of writing, Dogecoin is trading at $0.177.
