A widely followed crypto strategist thinks top memecoin Dogecoin (DOGE) is gearing up for a steep move higher.
Pseudonymous analyst Kaleo tells its 601,600 followers on social media platform X, DOGE will ultimately follow in the footsteps of altcoins that have posted strong gains in recent days.
According to the analyst, DOGE can do that consolidate in the short term before it shoots away.
“Honestly, look how beautiful the USD chart is.
Given the way alts are starting to appear, I find it hard to believe that Dogecoin doesn’t see an erosion of its current range…
Not too much change from last night for Dogecoin. I’m prepared for a boring next few days before we actually start steering, if that’s what it takes.
Looking at the trader’s chart, he seems to predict that DOGE will rise above $0.083 on November 13, representing a gain of more than 12% from current prices in less than a week.
Kaleo say that his bullish stance on Dogecoin is supported by the price action of the Dogecoin vs Bitcoin (DOGE/BTC) chart. According to Kaleo, DOGE/BTC is now trading above a one-year diagonal resistance.
“DOGE/BTC pair has broken out.”
Based on the trader’s chart, he seems to predict that DOGE/BTC will rise to 0.00000550 BTC ($0.19). At the time of writing, the pair is trading at 0.00000209 BTC worth approximately $0.074.
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Generated image: Midjourney