A widely followed analyst and trader believes Dogecoin (DOGE) could rally by triple-digit percentage points.

Pseudonymous analyst Kaleo tells his 572,800 Twitter followers that the $0.25 price is a “magnet” for Dogecoin.

The flagship meme coin, which is trading at $0.098 at time of writing, would need to appreciate by around 155% from current levels to hit Kaleo’s target.

“DOGE/Dogecoin

25 cents is a magnet.”

And in an attached chart of Dogecoin against the US dollar, Kaleo seems to be suggesting that the leading meme coin is likely to find stiff resistance upon hitting the $0.25 target and retrace to just above $0.1350.

According to the widely followed analyst and trader, Elon Musk could be the catalyst that drives Dogecoin’s rally as April 20 (4/20), a number and date the world’s second-richest person has regularly made a meme theme out of, approaches.

“I’ll be surprised if DOGE doesn’t run higher through the meme holiday of 4/20.

When Elon starts talking about Dogecoin, it usually doesn’t happen in isolated events.

He has another meme up his sleeve. It’s just a matter of when he breaks it out.

Ten cents and under is free.”

Earlier this week, a Dogecoin rally of over 30% coincided with Musk changing Twitter’s bird logo to an image of the Shiba Inu dog which is the face of the DOGE crypto asset.

Musk is currently challenging a $258 billion lawsuit from a group of investors who allege that the billionaire hyped up the price of Dogecoin by 36,000% to an all-time high of just below 75 cents before it crashed to under 10 cents.

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The Dogecoin (DOGE) price trades inside a short-term neutral pattern but shows long-term bullish signs.

The DOGE price has increased alongside an ascending support line since June 2022. Since November of the same year, the price created a descending resistance line. Combined, these lines create a symmetrical triangle, which is considered a neutral pattern.

On April 3, the price broke out from the triangle and reached a high of $0.105. However, it was rejected by the 0.382 Fib retracement resistance level (white) and fell sharply over the next 24 hours. On April 7, the Dogecoin price fell back inside the confines of the triangle, suggesting that the previous breakout was illegitimate. However, the daily RSI is still above 50, a sign of a bullish trend.

As a result, it is possible that another breakout may eventually ensue.

DOGE/USDT Daily Chart. Source: TradingView

A potential reason for the rejection was the fact that Tesla CEO Elon Musk reverted the Twitter logo back to its previous bluebird after its previous substitution to the internet meme coin.

Long-Term Outlook Supports Dogecoin (DOGE) Price Increase

While the technical analysis from the daily time frame does not provide a clear direction for the trend, the weekly one is bullish.

The main reason for this is the breakout from a 539-day descending resistance line. Breakouts from such long-term structures usually lead to significant increases.

Even though DOGE created a long upper wick last week (red icon), the weekly RSI is still above 50. Therefore, another attempt at reaching the $0.128 resistance area is expected.

If a breakout from it occurs, the DOGE price can increase to $0.275. However, if the decrease continues, DOGE could drop to the $0.055 horizontal support area.

DOGE/USDT Weekly Chart. Source: TradingView

To conclude, the most likely DOGE price forecast is an eventual breakout from the short-term pattern and an increase toward the long-term $0.128.

#DOGE #DOGECOIN #crypto2023 #crypto #Binance