Cantonese Cat, a prominent crypto analyst, proposes a scenario where Dogecoin could swiftly escalate to $1 or even $2. Highlighting a consistent pattern over the past three weeks, the analyst notes Dogecoin's position above the 0.786 log Fibonacci level, suggesting imminent price increases. This notable performance should not surprise investors if Dogecoin achieves these potential milestones soon.

In a recent analysis shared on YouTube, Cantonese Cat delves into a comprehensive technical examination, aligning Dogecoin's current trend with its past impressive rally.

In the prior cycle, Dogecoin struggled to maintain momentum past the 0.786 Fibonacci mark (using a logarithmic scale), eventually stabilizing near the 0.618 level for nearly a month. This cycle, however, sees Dogecoin maintaining a strong presence above the 0.786 level, indicating a more robust upward trajectory without a significant correction. The analyst describes this as an exceptional development and observes that the cryptocurrency is forming a bullish pattern known as a bull flag.

Referring to Ichimoku Cloud signals on a weekly basis and other long-term indicators, Cantonese Cat underscores the synergy of several technical aspects contributing to sustained bullish movement. The analyst elaborates, "We've convincingly broken through the weekly Ichimoku Cloud," pointing to a solid momentum. He also highlights the monthly chart breakthrough, noting a departure from last month's resistance at the 0.786 level, suggesting a more determined push in early December.

A remarkable feature of Dogecoin's current market behavior, according to the analyst, is its deviation from the previous cycle by not displaying any notable retracement before seeking higher valuations. "The coin seems disinterested in conducting a significant back test," he noted, adding to the series of bullish signals.

Cantonese Cat anticipates that Dogecoin might soon test or surpass its historical peaks. He points to a notably more optimistic chart structure than in preceding cycles, saying, "DOGE is poised to achieve all-time highs soon." Additionally, the analyst references potential Fibonacci extension targets of $2.3 (1.414 extension) and possibly $4 (1.618 extension). While these figures may appear ambitious, the prevailing market dynamics do not preclude them. The analyst remarks, "Despite the seemingly daunting market cap, the current appearance is undeniably more bullish than the previous cycle."

At the time of analysis, Dogecoin was trading at $0.44, reflecting ongoing interest and potential in the cryptocurrency market.