A popular pseudonymous cryptocurrency analyst has recently predicted that the price of the meme-inspired cryptocurrency Dogecoin ($DOGE) could see a surge of 1,500% from its current level at $0.122.
The analyst, known by the pseudonym Kaleo on the microblogging platform X (formerly known as Twitter), told his over 640,000 followers that Dogecoin could move to $1 or $2. In such a surge, believing the cryptocurrency market is in a “meme coin super cycle.”
In his post, Kaleo wrote that while for most of its history the meme-inspired cryptocurrency has been “trending sideways or down,” when it hasn’t seen these movements it “had one run that pumped ~6000% from the lows and another that pumped more than 30,000%.”
Also read: Dogecoin (DOGE) Price Forecast: What to Expect in the Coming Months – 27 June 2024 (AI Analysis)
Kaleo added that the duration of its current movement is “within a similar range to its previous two sideways ranges prior to breaking out.” He added that each surge took between eight to nine months after Bitcoin’s halving to materialize, noting we’re just two months past the recent halving.
Per his words, a potential breakout for DOGE could occur between December of this year and February 2025, but not before a potential downturn that would see DOGE move back down to the $0.08 or $0.1 mark, as a similar trend break with a 30% drawdown occurred in 2020, he wrote.
$DOGE / #DogecoinFor those of you who say DOGE is boring – for the most part, you're right.It's spent ~9.5 years of its existence trending sideways or down. The other 1 year? It had one run that pumped ~6000% from the lows and another that pumped more than 30,000%.The… pic.twitter.com/523tqCMBdC
— K A L E O (@CryptoKaleo) June 25, 2024
Kaleo’s words come shortly after another popular pseudonymous analst suggest DOGE could be poised to “surge incredibly” as a little-known technical indictor is suggesting the cryptocurrency’s price is due for a breakout.
That prediction is based on the Gaussian Channel (GS) indicator turning green on Dogecoin’s weekly chart, which means that when the time is right Dogecoin “will surge incredibly.”
Featured image via Unsplash.