Dogecoin, known by its symbol DOGE, is predicted to reach a new record high in the current market cycle, according to a well-known cryptocurrency analyst and trader.
The analyst, who goes by the pseudonym Kaleo, shared with his 642,600 followers on the social media platform X that Dogecoin is displaying similar price patterns that could lead to a surge of between 706% and 1,512% from its current price.
“I firmly believe that we are in a meme coin supercycle, and we can expect DOGE to reach $1 – $2. Based on historical data, it seems we have some time to prepare before this occurs.”
Kaleo also mentioned that Dogecoin might experience a temporary drop of up to 35% before rising again.
“Considering this, I wouldn’t be shocked to see the current bullish trend reverse to the $0.08 – $0.10 range and retrace the significant increase we witnessed back in February.”
The analyst’s positive outlook on Dogecoin stems from the fact that the popular memecoin is displaying price movements that have previously led to substantial price hikes.
“For those who find DOGE unexciting – you may have a point. It has mostly traded sideways or downward for about 9.5 years. However, there have been two instances where it surged significantly – once by 6,000% and another time by over 30,000%.”
At the time of writing, Dogecoin is valued at $0.124.
Source: Kaleo/X
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