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.