While the cryptocurrency markets have witnessed a rapid rise in recent days, analyst Kaleo painted a hopeful picture, especially regarding Dogecoin (DOGE). According to Kaleo’s analysis, the real Dogecoin rally will likely begin towards the end of 2024, which could present a significant opportunity for existing investors and potential new investors. Here are the details…
According to the analyst, dogecoin, could register a rally of up to 162% from current levels. This represents a significant increase in value for the meme coin.
“Here is my playbook for DOGE:
In the next week or two, Dogecoin will finally start moving. DOGE usually moves quite quickly as it begins to move higher. From here I wouldn’t be surprised to see the price go somewhere in the $0.90 – $0.10 range on the daily chart, move sideways there for a while, then move up to around $0.15 on another daily chart. It’s going to be a quick move… maybe a little more upside from there, but as much as I’d like it to go above $1, I honestly don’t see it going much beyond $0.20 on this rise. (…)
NEWS CONTINUES BELOW“I don’t think the real DOGE rally will start until late 2024, but that doesn’t mean we can’t have some fun until then.”
This analyst’s forecast is a shorter-term forecast. On the other hand, the graphic analysis shared by Kaleo details the possible price movement of Dogecoin in the next year. According to this analysis, Kaleo Dogecoin is estimated to rise around 1,900% against Bitcoin after reaching a potential bottom in April 2024.
Lide meme coin is trading at $0.0763 at press time.
Apart from DOGE, the analyst also examined Bitcoin (BTC). Kaleo thinks the current state of the crypto market brings back memories of BTC’s price behavior months after the 2020 halving event. According to the analyst, if Bitcoin rises above a price last recorded in May 2022, the price could recover similar to the post-2020 halving.
“Bitcoin/BTC Current price action reminds me of where we were in December 2020, before the early 2021 fun began. A break above $37,000 and turning this resistance into support; “I feel like we’re likely to see something similar from here.”
Bitcoin has gained just over 30% in the last month and is trading at $36,621 at press time.
You can follow the current price movement here.