An optimistic prediction has been shared by a well-known cryptocurrency analyst, known aso, regarding the future of Dogecoin (DOGE). With a substantial following of over 600 on the social platform X, Kaleo suggests that DOGE could experience a remarkable increase in value, ranging from 700% to 1500%.
Kaleo firmly believes that the “meme coin super cycle” will continue, projecting that DOGE could reach a level of $1 to $2. He explains, “I still believe we are in a meme coin super cycle and will see DOGE reaching $1 – $2. Historical data suggests that we still have some time to prepare before this happens.”
Currently, Dogecoin is trading at US$0.125, according to the latest quote. Kaleo provides a time perspective for this increase, relating it to significant events in the cryptocurrency market, such as the Bitcoin halving. “Each of these previous Dogecoin rallies took approximately eight to nine months after the Bitcoin halving before they started gaining momentum. We are currently only two months past Bitcoin’s most recent halving. Considering this, it would be more in line with the trend if a true breakout or expansion movement didn’t occur until December-February.”
However, the analyst warns that before any significant increase, Dogecoin could experience a drop of up to 36%. According to his predictions, this correction would be natural and consistent with previous market movements. “With that in mind, I wouldn’t be surprised to see the current upward trend reverse back into the eight to ten cent range and retrace the move higher that we saw in February, which was from about $0.09 to $0.22. A similar trend break with a drawdown and retracement of around 2020% occurred in August 2020, several months before DOGE gained mainstream attention and popularity.”
At the time of publication, the price of DOGE was quoted at US$0.1226, with a 1% decrease in the last 24 hours.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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