Dogecoin (DOGE) could hit a new all-time high during the current cycle, according to a widely followed cryptocurrency analyst and trader.
The analyst pseudonymously known as Kaleo tells his 642,600 followers on the social media platform X that Dogecoin is mimicking price action and that the largest memecoin by market cap could skyrocket by between 706% and 1,512% from the current level.
“I still believe we’re in a meme coin supercycle and we’ll see DOGE send to $1 – $2. History just says we most likely have a little bit of time left to prep for it before it happens.”
According to the pseudonymous analyst Dogecoin could plunge first by up to 35% from the current level before climbing.
“With that in mind, I wouldn’t be surprised to see the current bullish trend break lower back to the $0.08 – $0.10 range and retrace the February move up [from around $0.075 to $0.23] that we saw.”
The widely followed analyst says that his bullish thesis on Dogecoin is based on the fact that the largest memecoin by market cap is exhibiting price action that previously preceded massive increases in its price.
“For those of you who say DOGE is boring – for the most part, you’re right.
It’s spent approximately 9.5 years of its existence trending sideways or down. The other 1 year? It had one run that pumped approximately 6,000% from the lows and another that pumped more than 30,000%.
The duration its moved sideways since the last all-time high is within a similar range to its previous two sideways ranges prior to breaking out.
Each of those respective moves took approximately 8 to 9 months after the halving before they began to pump.”
Dogecoin is trading at $0.124 at time of writing.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here
Follow us on Google News to get the latest Updates
