Analyst Predicts Significant Potential for Dogecoin

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While developments continue in the cryptocurrency world, Bitcoin’s price once again visited above $68,000 but then pulled back. Following this price movement, BTC continues to find buyers at the $67,800 level as of the time of writing. While BTC’s price movement is like this, investors‘ eyes are on meme coins, and there have been movements in DOGE, the meme coin closest to BTC in the last 24 hours. As these events unfold in the market, a well-known figure in the cryptocurrency world also commented on DOGE.

Analyst’s DOGE Comment

According to a closely followed analyst and trader in the cryptocurrency world, Dogecoin (DOGE) has the potential to reach new unprecedented highs in the current cycle.

According to the analyst named Kaleo’s statements on X, DOGE’s price could increase between 706% and 1,512% in the future. Considering DOGE is currently 81% away from its ATH, this situation could indeed pave the way for a move to new ATHs.

I still believe we are in a memecoin super cycle and we will see DOGE move to $1 and $2. History tells us we likely have some time to prepare for this before it happens.

According to Kaleo, Dogecoin could experience a 35% drop from its current value before starting its price rise.

With this in mind, it wouldn’t surprise me to see the current uptrend pull back to the $0.08 – $0.10 range, and the rise we saw in February pull back from around $0.075 to $0.23.

The analyst states that his bullish sentiment on DOGE is based on the parallelism of the meme coin’s previous price movements with its current market cap.

For those who say DOGE is boring – you are mostly right. It spent approximately 9.5 years of its existence in horizontal or downward trends. The other 1 year? It had another run that brought price increases of about 6,000% and over 30,000% from the lowest levels. The time it has spent moving sideways since the last all-time high is similar to the previous two sideways ranges before breaking out. Each of these moves took about 8 to 9 months before starting to rise after the halving.

How Much is DOGE Now?

Things were going well for Dogecoin and its investors. DOGE’s price is finding buyers at the $0.1333 region as of the time of writing, following a 9.92% rise in the last 24 hours.

DOGE’s 1-hour price movement is entirely neutral, while its 7-day price change is positive at 6.73%. DOGE’s market cap also approached $20 billion again during this period, reaching $19.3 billion. On the other hand, DOGE’s 24-hour trading volume decreased. After the decrease, the trading volume fell to $780 million.

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