Dogecoin Mirrors AMD’s Setup From Last Year, Analyst Claims

Dogecoin’s pullback is starting to look like a setup, not a breakdown, at least according to crypto analyst Cantonese Cat (@cantonmeow), who says the meme coin is behaving the way AMD did before its turn higher last year.

In a X post on Dec. 31, the analyst argued that slipping prices on weakening volume and growing public reluctance to be bullish is exactly what improves the trade’s risk/reward.

Below price, Cantonese Cat’s volume bars are annotated with downward arrows, reinforcing the point made in the accompanying commentary: as DOGE moved lower, participation appeared to fade. For the analyst, that combination: declining price paired with softer volume and a more reluctant public tape fits a pattern where marginal sellers can exhaust without attracting aggressive new supply.

Cantonese Cat’s earlier Dec. 20 post sets the broader roadmap, describing the preceding stretch as a prolonged downcycle and positioning the current phase as a corrective structure rather than a fresh trend.

“We’ve already had a 13 month bear market for DOGE, with my working hypothesis of this being likely a wave 2 correction prior to wave 3 explosion,” the analyst wrote. “The entire reason why this may play out is that it doesn’t feel likely right now, and you want me to stop posting.”

That Dec. 20 chart also projects upside targets using Fibonacci extensions, with levels plotted well above the prior range. The marked extension ladder includes roughly $0.90 (1.272), $1.25 (1.414), and $1.99 (1.618), with more aggressive levels further out near $4.78 (2.0) and $8.91 (2.272).

At press time, DOGE traded at $0.12.