A widely followed analyst is optimistic about the largest memecoin by market cap as the crypto markets explode.
Pseudonymous crypto trader Kaleo tells his 601,800 followers on the social media platform X that the “real” Dogecoin (DOGE) rally is likely to kick off late next year.
According to Kaleo, Dogecoin could record rallies of up to 162% from the current level.
“Here’s my playbook for DOGE:
Sometime in the next week or two, Dogecoin finally starts to move.
When DOGE starts moving higher, it usually moves pretty fast. I wouldn’t be surprised to see a daily from here to somewhere in the $0.90 – $0.10 range, chop there for a bit, then another daily to approximately $0.15. It’ll be a fast move… maybe churn a bit higher from there, but as much as I’d love for it to go to $1+, I honestly don’t see it getting too much past $0.20 on this rally.”
From Kaleo’s charts outlining the possible price action next year, the trader is forecasting Dogecoin to rally by around 1,900% against Bitcoin after potentially bottoming out in April of 2024.
Dogecoin is trading at $0.0763 at time of writing.
Turning to Bitcoin (BTC), Kaleo says that the present state of the crypto market is evoking memories of BTC’s price behavior months after the 2020 halving. Kaleo says that if Bitcoin breaks above a price last recorded in May of 2022, BTC could rally in a manner 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 kicked off.
Break above $37,000 and flip the line, and I have a feeling there’s a good chance we see something similar from here.”
Bitcoin is trading at $36,621 at time of writing, up by a little over 30% in a month.
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The post Trader Says Shiba Inu Rival Could Explode by 160% Before ‘Real’ Rally Starts, Updates Outlook on Bitcoin appeared first on The Daily Hodl.