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The weekly Dogecoin structure is once again Crypto-Twitter’s speech after a cantonese pseudonym technician (@cantonmeow) published A Fibonacci logarithmic road map for the fourth cycle of bull of the same-cin. The graphic, built on tradingView and shared on July 13, anchors the entire 2021-2022 range and projects both horizontal trace levels and fibloss channels to target, offering a target granular set.
Dogecoin at $ 23?
At Close Doge on Friday, changed hands nearly $ 0.20, almost exactly against the 0.5 trace line, highlighted on the graph at $ 0.19049. The superposition shows the compression of prices inside a three -year -old ascending channel whose lower rail provided support since the capitulation of June 2022. Volatility fades inside this corridor, shaping a widening corner which has so far respected each Diagonal Ratio Gorned printed on the graph.
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The horizontal grid of the Cantonese cat begins with the cycle floor – FIB 0 to 0.04909 $ – and climbs through a dense group of intermediate resistance: 0.618 to $ 0.26232, 0.707 to $ 0.33, 0.786 to 0.41368 and 0.886 to 0.33 $. Line 1.0 – The Macro -Top of May 2021 of Dogecoin – is set at $ 0.73905 and constitutes the upper limit of what the analyst calls “the first liquidity wall”.
Above, the blue extensions extend far beyond the extremes of the previous cycle: 1,272 to $ 1.5,4518, 1,414 to $ 2,27089 and 1.618 to $ 3.94842. Super cycle projections appear at 2.0 ($ 11.12397) and the extension of 2,272 which affects 272 to 23.25744 – The levels that the merchant himself is “purely imaginative unless unprecedented liquidity flow In.”
The golden channels operating diagonally over the entire canvas reflect the same reports in dynamic support and dynamic resistance adjusted over time. Internal rails marked by 0.236 and 0.382 have repeatedly capped minor rallies since mid-2010, while the diagonal of 0.5 is now acting as a inflection point under the punctual price.
The current weekly candle probe this rail from above, echoing separate analysts Ichimoku view This Doge is “always under Tenkan resistance” and “will probably close the week with around 20 cents, then fight another day to spend through resistance later. I don’t think we will exceed this level during its first try. ”
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The longer -term backdrop that keeps the constructive feline strategist is visible on the two -month table. There, DOGE has printed what his colleague technician @manehattanstonk labels a formation of “three methods increasing” – an optimistic continuation model that Cantonese cat notes “take place alongside XLM”.
The dynamics of the volume seem to support the thesis: In another article, the analyst calls for recent “pathetic” and supports: “Who sells Doge? Important person. Sell the pathetic volume.
The question of whether this pump can realistically reach the 2,272 extension – and therefore the target loaded with memes of $ 23 – is the question that triggered the wire. The Cantonese cat’s response is frank: “I don’t think it’s going to $ 23 this cycle.” The comment underlines its broader point than the projections of Fibonacci, although mathematically neat, are ultimately hostage to the liquidity conditions that no one can provide.
The region of $ 3.94 – marked by the extension of 1,618 Fibonacci – is a credible target. Analyst Kevin notes that In each previous bull cycleDogecoin finally progressed to this very extension.
At the time of the press, DOGE exchanged $ 0.20575.
Star image created with dall.e, tradingView.com graphic