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Crypto Analyst Predicts $4 Dogecoin After Exhausted Selling Phase
- Crypto analyst predicts a $4 Dogecoin target after an exhausted selling phase.
- The pseudonymous technician, Cantonese Cat, suggests that Dogecoin's consolidation phase is a prelude to a potential breakout towards $4.13.
- Despite retail sentiment turning negative, the analyst sees the current phase as a typical retracement in a bull market.
- Analyzing various time frames, he points out bullish patterns like a cup-and-handle formation and Adam-and-Eve double bottom.
- On a monthly chart, Dogecoin is consolidating beneath a thick Ichimoku cloud, indicating a buildup of energy for a significant move.
- The lack of selling volume on exchanges like Coinbase and Binance suggests a shift from supply to demand dynamics.
- Technical indicators, such as bullish divergence on the RSI, support the potential for a trend change and higher price targets.
- Potential Fibonacci targets for Dogecoin include $1.60, $2.26, and $4.13, with the analyst ruling out a repeat of the 2021 parabolic rally.
- The analyst views the current market pessimism as an opportunity for accumulation, foreseeing a bullish outcome based on multiple indicators.
- While the timing of the breakout remains uncertain, the overarching trend remains upward as per Cantonese Cat's analysis.
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