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 its 642,600 followers on the social media platform
“I still believe we are in a meme coin super cycle and will send DOGE to $1 – $2. History just says that we most likely have a little bit of time to prepare for it before it happens.”
According to the pseudonymous analyst, Dogecoin could fall up to 35% from current levels before rising.
“With that in mind, I wouldn’t be surprised if the current bullish trend breaks further into the $0.08 – $0.10 range and follows February’s rise. [from around $0.075 to $0.23] that we saw.”
The widely followed analyst says his bullish thesis on Dogecoin is based on the fact that the largest memecoin by market cap is showing price action that previously preceded massive price increases.
“For those of you who say DOGE is boring, for the most part you’re right.
It has spent about 9.5 years of its existence in a sideways or downward trend. The other 1 year? It had one run that pumped about 6,000% off the lows and another that pumped over 30,000%.
The time the price has moved sideways since the last all-time high is within a similar range to the previous two sideways ranges before this breakout.
Each of these respective moves took about 8 to 9 months after the halving before they started pumping.”
Dogecoin is trading at $0.124 at the time of writing.
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Generated image: DALLE3