Dogecoin for $8? Analysts say they regret sleeping on this chart

The first live stream of Cantonese Cat, airing on June 15th, dedicated an extended segment to the long-term structure of Dogecoin. In his words, “This is still a cup, this is still a handle.” If that formation is complete, he expects the meme coin to break “like $5 to $8”. He added that its target is pinned at the intersection of the monthly Gan Arc and Fibonacci expansions that dominate the entire Dogecoin advance since 2020.

Dogecoin Price can reach $8

Analysts started by stripping the chart into monthly time frames and switching from short-term confusion. He said Dogecoin has already tested the lower limit of one cloud and continues to get caught up under it, despite the fact that it failed to “penetrate the monthly cloud” in its first attempt. “Even if it lies down for another month or two,” he said. In either scenario, the tenor remains constructive as prices “form a higher and higher lower.”

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The heart of his belief is the simple 20-month moving average, the line he considers as the spine of all major Dog Coin Bull cycles. During the Manito run in early 2021, Price Action “appeared” in 20 (-month sma) up without breaking once. When that moving average finally failed, the bear market continued.

Today, Dogecoin sits on the same level. “It looks like we can use it as support,” he insists, and that support zone depends on what the zone just below the handle is called the “purchase zone” of elder traders. The analyst himself “we had bought more Doge in the last four or five days,” he revealed via X.

The Cantonese cat also dealt with the lethargy of the coin since April, claiming that compression was constructive rather than dangerous. He pointed out the fact that Dogecoin is shattering just below a 0.5 log scale retracement of the overall decline from 2021 to 2022. They argued that the longer the coil and the sharper the final expansion, the higher time frame moving average remained.

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Pushed by viewers about timing, analysts refused to publish the timetable, reminding the audience that the breakout almost certainly coincides with the wider Alt-Season. But he flagged it at the moment. When that happens, the measured moving target and GAN arc intersection from the cup and handle converge to the $5-8 zone.

“All things close to the 21 moving average are good areas to add,” he concluded. Rather than chasing a sudden green candle, the newcomer warns them to systematically accumulate while the chart remains “bored.” The implications are clear. Dogecoin’s dormancy could be the last shakeout before the greatest impulse of the cycle, and those who ignore the calmness may actually “remorse” if they “slept on this chart” if the structural signal fits normally.

At the time of pressing, Doge traded for $0.177.

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