Dogecoin, known as DOGE in the world of cryptocurrencies, is predicted to reach a new record high in its current cycle by a respected analyst and trader in the field.
Referred to as Kaleo, this analyst shares with his 642,600 followers on the social media platform X that Dogecoin is following a similar pattern in terms of price movements, suggesting that the leading memecoin in terms of market capitalization could potentially surge by a staggering 706% to 1,512% from its current value.
“I firmly believe that we are in the midst of a meme coin supercycle, and we may witness DOGE reaching $1 – $2. History indicates that we still have some time to prepare before this surge occurs.”
Kaleo also mentions that Dogecoin may experience a temporary drop of up to 35% before it starts to climb again.
“Considering this, it wouldn’t be surprising to witness a shift in the current positive trend back to the $0.08 – $0.10 range, retracing the movement we saw in February, from approximately $0.075 to $0.23.”
The analyst suggests that his optimistic outlook on Dogecoin is based on the observation that the memecoin is displaying similar price patterns to those seen before significant price increases.
“For those who find DOGE uninteresting – you may have a point. For the most part, it has been moving sideways or downwards for about 9.5 years. However, in the span of a year, it has experienced significant surges of around 6,000% and more than 30,000%.”
The analyst notes that the duration Dogecoin has spent moving sideways since its last peak is comparable to the periods before its previous significant surges, typically taking around 8 to 9 months after a halving before the price starts to rise.
Dogecoin is currently valued at $0.124 at the time of this writing.
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