A widely followed crypto analyst believes that top memecoin Dogecoin (DOGE) is about to witness a parabolic rise.
Pseudonymous analyst Kaleo tells his 593,600 Twitter followers that the Shiba Inu (SHIB) rival could start a massive rally after clearing its bear market resistance.
According to Kaleo, the breakout could send Dogecoin to levels last seen in November 2022, a date that marked the end of the crypto bull market.
“DOGE Breaks Out vs. USD and BTC.”
Looking at Kaleo’s chart, it seems to suggest that Dogecoin will experience a steep rise above $0.16, possibly an increase of more than 130% from its current price of $0.069.
The crypto trader adds that the Dogecoin vs. Bitcoin (DOGE/BTC) pair has also broken above its long-standing diagonal resistance.
“YOOOO IT’S STARTED.”
At the time of writing, DOGE/BTC is trading for 0.00000231 BTC ($0.070).
Looking at Bitcoin itself, Kaleo says BTC’s extensive consolidation above $30,000 suggests the crypto king is headed for a sharp downward move.
“The longer we have distributed in the $30,000 range, the less likely an immediate move higher would seem. I have seen several tweets about DOJ (U.S. Department of Justice) also seizing BTC along the way. Would love another chance to daily stack on the dip to the 200 EMA (exponential moving average) if we get it.
Based on Kaleo’s chart, he believes Bitcoin could revisit the $26,000 price level before regaining its current trading range.
At the time of writing, BTC is worth $30,264.
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