Yesterday, Dogecoin price experienced a minor correction despite overall market growth, with the meme coin gaining an average of 0.4%. Nonetheless, one expert predicts that Dogecoin could rise to $2. Over the past 24 hours, Dogecoin price has declined slightly by 0.55% to $0.124198. This breaks Dogecoin’s 0.27% weekly gain, which, while positive, is disappointing compared to the significant gains seen by other major meme coins. Although Dogecoin is down 23.68% this month, it has posted an annual return of 98.42% so far this year, which is low compared to the performance of many other top cryptocurrencies. Despite this "boring" price action, some experts believe it's brewing for a major rebound.
Millionaire Trader Expects Dogecoin Price to Hit $2 Soon
Millionaire trader Kaleo recently shared a bullish outlook for Dogecoin on the X platform, predicting an upcoming rally that could take the price past all-time highs.
He noted that the price of Dogecoin has been trading sideways or down for about 9.5 years of its existence. In addition to this, it has had one rally of about 6,000%, and another rally of more than 30,000%. Given these two cycles, Kaleo believes that we may be preparing for the next rally of Dogecoin. It is worth noting that its sideways time since the last all-time high is similar to the previous two sideways times.
He emphasized that each rally started about 8-9 months after the Bitcoin halving. It has been 2 months since the last Bitcoin halving, and if the trend continues, Dogecoin should see a rally between December and February.
However, at the same time, Kaleo believes that Dogecoin prices could fall back to the $0.08-0.010 range, a correction from the February rally. This is consistent with past cycles.
A similar trend breakout and roughly 30% pullback occurred in August 2020, a few months before Dogecoin’s “mainstream and big run.”
