Cantonese Cat recently held his first livestream in weeks on June 15, dedicating a significant portion of the broadcast to discussing the long-term outlook for Dogecoin. The seasoned analyst expressed a strong belief in the potential upside for the cryptocurrency, stating, "this is still a cup and this is still a handle." He predicts that if this formation is completed, Dogecoin could surge to prices ranging from $5 to $8. This target is supported by the convergence of a monthly GAN arc and Fibonacci extensions that have influenced Dogecoin's growth since 2020.
During his analysis, the expert emphasized the importance of viewing the Dogecoin chart on a monthly basis, stripping away short-term noise. He highlighted that Dogecoin has already tested the lower boundary of the Ichimoku cloud and, although it did not break through on its first attempt, it continues to remain poised beneath it. "Even if it goes sideways for another month or two," he noted, "it's going to enter the Ichimoku cloud one way or another." He maintains a positive outlook as the price is currently "forming higher highs and higher lows."
A key element of his analysis is the 20-month simple moving average, which he considers essential to every significant Dogecoin bull cycle. In early 2021, Dogecoin's price consistently rose along this moving average without breaking it. When it eventually did fail, a bear market followed. Presently, Dogecoin is positioned above this critical level, which he believes can serve as support. He referred to the support zone, situated just below the handle, as a "buy zone" for long-term investors, revealing that he has been acquiring more DOGE over the past several days.
Cantonese Cat also addressed the coin's lack of movement since April, framing the current consolidation as a positive sign rather than a threat. He pointed out that Dogecoin is hovering just beneath the 0.5 log-scale retracement of its decline from 2021 to 2022, interpreting this as a phase of "building up some energy." He argued that the longer the consolidation lasts, the more significant the eventual breakout will be, provided that the higher-timeframe moving averages remain stable.
When viewers inquired about the timing of a breakout, the analyst refrained from giving a specific timeline but suggested that such a movement would likely correspond with a broader altcoin season. He indicated that a re-entry into the Ichimoku cloud would signal a technical "green light" for acceleration. Once that occurs, the projected price targets derived from the cup-and-handle pattern and the GAN arc intersection align in the $5–$8 range, potentially resulting in returns of approximately 3,000–5,000 percent from current levels.
He concluded by advising newcomers to focus on accumulating DOGE methodically during this period of inactivity, rather than chasing sudden price increases. The implication is clear: Dogecoin's current stagnation could be a final shakeout before a significant rally, and those who overlook this quiet phase may "regret sleeping on this chart," should the structural indicators he follows align. As of the latest update, DOGE was trading at $0.177.
