DOGE’s Fibonacci Path: A Potential Rally to $23 on the Horizon
Dogecoin (DOGE) has once again captured the attention of the crypto community, with a recent Fibonacci analysis suggesting a potential rally to $23. Currently trading around $0.20, DOGE is positioned at the 0.5 Fibonacci retracement level, sparking discussions about its future trajectory. This analysis, shared by pseudonymous analyst Cantonese Cat (@cantonmeow), outlines a series of ambitious price targets based on the 2021–2022 trading range. As of July 16, 2025, the crypto market is abuzz with speculation about whether DOGE can achieve these lofty goals. Below, we delve into the details of this analysis and what it could mean for Dogecoin's fourth bull cycle.
Fibonacci Analysis Projects Dogecoin's Potential Rally to $23
Dogecoin's weekly price structure has reignited discussions across Crypto-Twitter after pseudonymous analyst Cantonese Cat (@cantonmeow) shared a logarithmic Fibonacci roadmap for the meme coin's fourth bull cycle. The chart, anchored to the 2021–2022 trading range, outlines a series of ambitious price targets, including a speculative $23 peak.
Currently trading NEAR $0.20, DOGE sits precisely at the 0.5 Fibonacci retracement level. The analysis highlights a three-year ascending channel that has contained price action since June 2022, with volatility gradually compressing into a broadening wedge pattern. Key Fibonacci levels form a ladder of potential resistance points: $0.26 (0.618), $0.33 (0.707), $0.41 (0.786), and $0.54 (0.886). The May 2021 all-time high of $0.73 marks the upper boundary of what the analyst terms "the first liquidity wall."
Beyond historical resistance, extended Fibonacci projections suggest far more aggressive targets: $1.54 (1.272), $2.27 (1.414), and $3.94 (1.618). The most speculative super-cycle projections extend into double-digit territory, though market participants remain divided on the feasibility of such extremes for the meme cryptocurrency.
Dogecoin Holds Key Support at $0.19 as Analysts Eye $0.25 Rally
Dogecoin has solidified $0.19 as a support level after breaking through this resistance zone in early June. The meme cryptocurrency now trades just below $0.20, having gained 14% over the past week despite an 8% dip in the last 24 hours.
Technical analysts highlight the formation of higher lows on DOGE's daily chart, suggesting strengthening momentum. The $0.213 level emerges as critical weekly resistance—a breakout here could confirm the path toward $0.25. Trading volume and Bollinger Band patterns indicate room for further upside if current support holds.
"DOGE continues to target $0.25 as long as it maintains above $0.19," notes analyst Ali, pointing to the importance of this psychological support level. Market watchers await either a volume surge to propel prices higher or a breakdown that WOULD invalidate the current bullish structure.
Dogecoin Prints Bullish Hammer Pattern Amid Wedge Formation
Dogecoin has formed a bullish hammer candlestick on its daily chart, signaling potential momentum reversal after a pullback to wedge support. The pattern emerged as buyers defended the $0.19 level with notable volume, while futures open interest surged to $2.85 million with positive funding rates.
The meme cryptocurrency continues trading within a 600-day ascending broadening wedge, with the current bounce mirroring historical rallies toward upper trendlines. Technical analysts highlight the hammer's significance when appearing at support levels, though confirmation requires sustained buying pressure.
Market participants now watch for a potential test of $0.25 resistance should the current rebound maintain its vigor. The simultaneous rise in spot volume and derivatives activity suggests growing conviction among traders about DOGE's near-term prospects.
