An analyst known as Kaleo told his 640,000 followers on the Russian-banned social network X that Doge could rise to $1 or even $2. According to the expert, the cryptocurrency market is now in the so-called memcoin supercycle.
Kaleo believes that meme-inspired cryptocurrencies have already shown periods where their value increased by 6,000% from lows and even 30,000% from initial values.
According to him, a potential DOGE breakout could occur between December of this year and February 2025, but not before a potential recession, which would result in DOGE returning to $0.08 or $0.1, since a similar trend breakout with a drawdown of 30% happened in 2020.
The expert pointed out that the Gaussian channel (GS) technical indicator, which turned green on the Dogecoin weekly chart, is further evidence that when the time comes, the DOGE price will rise incredibly.
Let us recall that over the past few months, the memcoin sector has demonstrated maximum profitability compared to other virtual assets, which further attracts the attention of investors and traders to it.