Analyst Foresees Dogecoin Surge, Cites Key Chart Movements
A popular crypto strategist, followed by over 600,000 enthusiasts, has forecasted a potential steep ascent for Dogecoin (DOGE), the leading meme-inspired cryptocurrency. The analyst, known as Kaleo, shared his insights with his vast following on social media platform X, suggesting that DOGE is set to emulate the recent bullish trends observed in other altcoins.
In a recent series of social media posts dated November 6 and 7, 2023, Kaleo provided a detailed commentary on the potential market movements of DOGE, particularly against Bitcoin (BTC) and another meme token, Pepe (PEPE).
Kaleo began his thread by stating, “$DOGE / $BTC Every dog has its day. It’s finally time to send,” suggesting an impending positive price action for Dogecoin in its pairing with Bitcoin. This initial post set the tone for his subsequent analyses, indicating his bullish stance on the meme cryptocurrency.
He continued to express his optimism about Dogecoin’s prospects by highlighting the aesthetics of the DOGE/USD chart. “Honestly though – look at how beautiful the USD chart is,” he tweeted, implying that the technical indicators were aligning favorably. Kaleo’s observation of the altcoin market’s momentum led him to speculate that Dogecoin is likely to experience a significant price squeeze from its current range.
Kaleo also pointed out the potential of Dogecoin compared to PEPE, another meme token, noting that the DOGE/PEPE chart appeared ready for a bounce off its support levels, a technical term indicating a potential upward reversal after a price decline.
In a further analysis of the DOGE/BTC pair, Kaleo noted that it had broken out, a term used by traders to describe a situation where the price moves outside a defined resistance or support level with increased volume, often leading to a significant price movement.
He shared his desire for Dogecoin’s price to go vertical, meaning a sharp increase, but also tempered expectations by suggesting the possibility of a minor pullback or a period of accumulation—a phase where investors buy into the cryptocurrency without causing a significant price change—before a more substantial price movement.
On November 7, Kaleo updated his followers with observations of the anticipated pullback, viewing it as an attractive entry point for those who had been waiting for a dip to invest in Dogecoin.
Throughout the thread, Kaleo maintained a cautiously optimistic tone, preparing his followers for a potential period of stagnation before any significant price movement. His posts garnered significant attention, with one of the updates receiving over 23,000 views, reflecting the crypto community’s interest in his predictions.
At the time of writing, DOGE is trading at around $0.0762, down 0.88$ in the past 24-hour period but up 25.51% in the past 30-day period.
Featured Image via Unsplash
Source: Read Full Article
