Analyst Predicts Significant Potential for Dogecoin

Analyst Predicts Stellar Potential for Dogecoin

As the cryptocurrency landscape evolves, Bitcoin has surpassed $68,000 only to retrace slightly. At the time of writing, BTC finds support at $67,800. While BTC's price action remains volatile, investor attention has turned to meme coins, particularly DOGE, which has experienced notable movements in the past 24 hours.

Analyst's Opinion on DOGE

A prominent cryptocurrency analyst and trader believes that Dogecoin (DOGE) possesses significant upside potential in the current market cycle.

According to Kaleo, DOGE's price could soar by 706% to 1,512% in the future. Given that DOGE is currently 81% below its all-time high (ATH), this projection suggests the potential for an extended rally.

"I still believe we are in a meme coin 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."

Kaleo anticipates a potential 35% pullback in DOGE's price before a significant price increase.

"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's bullish sentiment towards DOGE stems from the coin's historical price movements and current market capitalization.

"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."

Current State of DOGE

Dogecoin has been performing well recently. At the time of writing, DOGE's price is hovering around $0.1333, following a 9.92% gain in the past 24 hours.

DOGE's 1-hour price movement indicates neutrality, while its 7-day price performance remains positive at 6.73%. During this period, DOGE's market cap has approached $20 billion once more, currently standing at $19.3 billion. However, DOGE's 24-hour trading volume has declined, falling to $780 million.