Dogecoin May Be Entering a Classic Elliott Wave "Wave 3" Advance, Says Mr. Cantonese Cat

Summary: According to trader and market commentator Mr. Cantonese Cat (@cantonmeow), the Dogecoin weekly chart structure is showing signs that a classic Elliott Wave "Wave 3" advance could be starting. The analyst highlights a decisive reclaim of the 0.618 Fibonacci level near $0.20088 on the weekly timeframe as the technical pivot that would favor renewed bullish momentum.

Chart context and technical setup: Mr. Cantonese Cat applied a Fibonacci grid to Dogecoin's advance from mid-2022 through December 2024 (labeled as Wave 1 on the shared chart). The grid marks the retracement bands of 0.382 (~$0.11729), 0.5 (~$0.15350), and 0.618 (~$0.20088). Historically, DOGE experienced a blow-off and then a long basing period near the ~$0.05–$0.10 zone. The recent corrective structure is being interpreted as Wave 2, with wicks probing toward the 0.382 band and subsequent weekly closes returning toward the 0.618 band.

Why the 0.618 matters: In Elliott Wave and Fibonacci-based frameworks, a reclaim and weekly close above the 0.618 golden-ratio band is often treated by technicians as a structural pivot back in favor of the prevailing uptrend. Mr. Cantonese Cat argues that if buyers can hold the ~$0.20088 pivot into weekly close and convert that level into support, the probability of a powerful third-wave impulsive rally rises materially. Conversely, rejection at this band would keep DOGE range-bound or extend the corrective phase.

Price targets and extensions: The chart visualizes potential topside waypoints derived from Fibonacci projections beyond the Wave 1 peak: a near-term 1.0 band around $0.48, and classical extensions at 1.272 (~$0.89), 1.414 (~$1.23), and 1.618 (~$1.96). Elliott practitioners commonly monitor these zones for acceleration targets during a third wave or for distribution risk if momentum rolls over.

What to watch — confirmation checklist: To validate the thesis, technicians will look for the following on weekly timeframes: 1) weekly close convincingly above ~$0.20088, 2) expanding weekly range and breadth, 3) rising weekly volume accompanying advances, and 4) relative strength versus peers. Without these confirmation signals, a reclamation attempt may fail and price could revert to consolidation.

Risk considerations: Elliott Wave interpretations are probabilistic and require confirmation. A failed reclaim of the 0.618 level, macro headwinds, or shifts in crypto market liquidity could stall or reverse a potential third-wave advance. Traders should weigh position sizing, stop placement and time horizon carefully. Additionally, news catalysts such as mentions from prominent figures or institutional listings can accelerate price action — for example, references to Mr. Elon Musk in market chatter or developments from Company Dogecoin Foundation can influence sentiment.

Source material and visuals: The shared weekly chart image was taken from TradingView and the featured image was created with DALL·E. At press time, DOGE traded near $0.20.

Editor’s takeaway: The current setup is actionable in a clearly defined way: treat the ~$0.20088 area as the structural pivot. If price closes and holds above that band on the weekly chart with supportive breadth and volume, the technical argument for a third-wave acceleration becomes stronger and targets in the $0.48–$1.96 range become plausible. If the level is rejected, the market may remain in a corrective range and a reassessment will be necessary.

Further reading: See commentary on the potential NASDAQ linkage from Company Dogecoin Foundation and related market reactions to commentary by Mr. Elon Musk. Charting reference: TradingView.