On the social media platform X, the popular pseudonymous crypto analyst Kaleo shared his thoughts on the future of Dogecoin (DOGE). His analysis delves into the historical performance of DOGE, its recent trends, and potential future movements.

Kaleo starts by acknowledging the sentiment among many crypto enthusiasts that Dogecoin is often seen as boring. He points out that for the majority of its existence—approximately 9.5 years—DOGE has trended sideways or downwards. However, he highlights two significant periods where Dogecoin experienced massive surges: one with a 6000% increase and another exceeding 30,000%. These explosive movements occurred within a relatively short timeframe compared to its long periods of stagnation.

According to Kaleo, the duration Dogecoin has spent moving sideways since its last all-time high (ATH) is similar to the previous two extended sideways ranges before breaking out. He notes that in each of those past instances, it took about 8 to 9 months after Bitcoin’s halving before Dogecoin began its substantial upward movement. Given that we are only two months past the most recent Bitcoin halving, he suggests that it aligns with historical trends for Dogecoin to potentially break out around December to February.

Kaleo anticipates that before any significant breakout, Dogecoin might see a pullback to the 8-10 cents range, retracing the move up observed in February. He draws parallels to a similar trend break and drawdown of about 30% that happened in August 2020, which was several months before Dogecoin’s mainstream surge. This historical pattern leads him to expect a possible short-term correction before the next major rally.

Kaleo admits that he may have been overeager in expecting Dogecoin to catch up with other meme coins without fully considering previous cycles. Despite this, he maintains a bullish long-term outlook. He believes we are currently in a “meme coin supercycle” and expects Dogecoin to eventually reach $1 to $2. However, he emphasizes that historical trends suggest there is still some time before this happens, giving investors a window to prepare.

$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

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