A widely followed analyst is optimistic about the future of Dogecoin (DOGE), the largest memecoin by market cap, as the crypto markets continue to grow.
Pseudonymous crypto trader Kaleo predicts that the "real" Dogecoin rally will likely begin in late 2023. According to Kaleo, Dogecoin could experience rallies of up to 162% from its current level. Kaleo outlines a potential price action for Dogecoin, expecting it to move higher in the next week or two and potentially reach a range between $0.90 and $0.10. After a period of consolidation, Kaleo predicts another rally to approximately $0.15. While Kaleo would love to see Dogecoin reach $1 or higher, he believes it is unlikely to go much past $0.20 on this rally.
Kaleo's charts indicate that Dogecoin could rally by around 1,900% against Bitcoin after potentially bottoming out in April 2024. This suggests a positive outlook for Dogecoin's future performance.
Kaleo also comments on Bitcoin's price behavior, comparing it to the period after the 2020 halving. He believes that if Bitcoin breaks above a price last recorded in May 2022, it could rally in a similar manner to the post-2020 halving. This indicates a potential bullish trend for Bitcoin.
In summary, the analyst's predictions suggest a positive outlook for both Dogecoin and Bitcoin. Dogecoin is expected to experience significant rallies in the near future, while Bitcoin could potentially see a strong rally if it surpasses a key price level. Investors should consider these insights when making investment decisions in the crypto market.
