A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on Dogecoin (DOGE).
The analyst pseudonymously known as Kaleo tells his 642,200 followers on the social media platform X that Dogecoin could go up by between 700% to 1,500% 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 prepare for it before it happens.”
Dogecoin is trading at $0.125 at time of writing.
On when Dogecoin could start rallying, the pseudonymous analyst says,
“Each of those respective moves [previous Dogecoin rallies] took approximately eight to nine months after the [Bitcoin] halving before they began to pump. We’re currently only two months past the most recent Bitcoin halving. With that in mind, it would actually be more fitting to the trend that a real breakout/expansion move doesn’t happen until December – February.”
The pseudonymous analyst and trader, however, warns that Dogecoin could first fall by up to 36% before rallying.
“With that in mind, I wouldn’t be surprised to see the current bullish trend break lower back to the eight to 10 cents range and retrace the February move up [from around $0.09 to $0.22] that we saw. A similar trend break with approximately 30% drawdown and retrace happened in August of 2020, several months before the beginning of DOGE going mainstream and gigasending.”
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Generated Image: DALLE3