Crypto analyst Kaleo shared his detailed analysis of Dogecoin (DOGE) performance on social media platform X. Emphasizing Dogecoin's long-term stagnant movements and short-term big jumps, Kaleo stated that it has experienced large increases such as 6000% and 30,000%, especially in past rallies. He stated that such long-term sideways or downward trends of Dogecoin indicate potential explosive movements according to historical patterns.
Possible Explosions Compatible with Bitcoin Halving Cycles
Kaleo notes that Dogecoin's historical movement sideways after its all-time high (ATH) is similar to its trends before big booms. Emphasizing that Dogecoin started significant upward movements approximately 8-9 months after Bitcoin's halving events, Kaleo predicts that Dogecoin may experience a new boom between December and February in the short time since the last Bitcoin halving event.
Technical Analysis and Market Predictions of Kriss Pax
In his latest video update, crypto analyst Kriss Pax examined Dogecoin's price movements in detail and made evaluations about past trends and potential future movements. Pax took into account the difficult market conditions caused by factors such as Bitcoin ETF sales, liquidation of miners' reserves, and geopolitical events by Germany and the United States affecting Bitcoin sales. However, he noted that despite these challenges, Dogecoin has shown resilience in its market performance.
Technical Patterns and Stability Potential
Pax highlighted important technical patterns for Dogecoin, stating that it has shown mostly sideways movements since mid-June. Pax detected a local bottom at 11.44 cents and observed Dogecoin's position around the 200-week moving average, indicating possible stability. He added that the descending wedge pattern formed throughout the summer indicates the possibility of a breakout towards the end of August.
July Forecasts and Long Term Outlook
Pax predicts that Dogecoin will continue its sideways trend with moderate volatility in July. He predicts that it may test the support at 11.85 cents and rise to 13 cents by the end of the month. Pax's cautious optimism suggests investors maintain their positions as market conditions improve, predicting a 6% gain by the end of July.
Investment Strategies and Cautious Approach
Pax recommends avoiding leveraged transactions and maintaining spot positions during the volatile summer months. This strategy aims to help investors capitalize on potential gains as market conditions improve. Pax's long-term outlook remains optimistic, predicting that Dogecoin could experience significant breakouts in line with broader market trends later in the year.
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