Dogecoin is in the spotlight, with a top analyst projecting a $2 rally ahead.
Despite this bullish outlook, bottlenecks are ahead that might suppress this rally.
In a bold forecast, popular pseudonymous analyst Kaleo says the current memecoin supercycle could cause Dogecoin (DOGE) to soar to $2. The analyst’s prediction is based on Dogecoin’s historical performance, which led to an All-Time High (ATH) for the memecoin.
Dogecoin Trading Sideways, But With Explosive Potentials
The analyst acknowledges that DOGE has exhibited limited upward movement for most of its existence. “It’s spent ~9.5 years of its existence trending sideways or down,” Kaleo stated in a post on social media platform X.
For those of you who say DOGE is boring – for the most part, you’re right.
It’s spent ~9.5 years of its existence trending sideways or down. The other 1 year? It had one run that pumped ~6000% from the lows and another that pumped more than 30,000%.
The… pic.twitter.com/523tqCMBdC
— K A L E O (@CryptoKaleo) June 25, 2024
Within the past month, Dogecoin lost 22% of its value, pushing its average price to $0.15, echoing earlier coverage by Crypto News Flash. Dogecoin’s price dropped to as low as $0.1157 before moving upwards in the last few days. The memecoin recorded a slight increase of 0.7% in the past seven days, pushing its value to $0.1247.
While Kaleo admitted that DOGE has been “boring” for most of its existence, he pointed out two instances in the memecoin’s history of explosive breakouts. Specifically, DOGE experienced surges of 6,000% and 30,000% respectively. The analyst noted that these epic runs came after extended periods of sideways movement, much like the one we’re seeing now.
For context, Dogecoin has been moving sideways since reaching an ATH of $0.7376 on May 8, 2021. However, the charts show two similar sideways swings before the high. The exciting thing is that the analyst is drawing parallels between DOGE’s 2021 cycle and the current market slumber.
Kaleo highlighted that DOGE’s prior surges materialized roughly 8-9 months after a Bitcoin halving event. Considering the most recent Bitcoin halving occurred only two months ago, the analyst argues that a substantial DOGE breakout might be several months away, potentially arriving in December or February.
Nonetheless, the analysis acknowledges the possibility of a short-term dip in the current bullish trend, potentially retracing back to the 8-10% range. This aligns with a similar trend break observed in August 2020, which preceded a period of immense growth for DOGE.
While Dogecoin might not be ready for its close-up just yet, the analyst maintains its long-term bullish outlook towards the $1-$2 range.
Can DOGE Reach the $2 Price Projection?
Keleo’s bold projection has left many wondering if DOGE can eventually climb to the $2 mark.
It is certainly a possibility, fueled by factors like Tesla accepting DOGE for payments and rumors of others following suit, as previously reported by Crypto News Flash. However, a few things give us pause.
First, there is the massive circulating supply of Dogecoin, which can hinder price stability. Second, meme coins are notoriously fickle and prone to wild swings based on trends. Even if DOGE surges, it might be a short-lived party, just like its previous ATH.
At press time, DOGE is trading at $0.1229, down 1.8% in the past day. Its market cap is pegged at $17.8 billion.
The post Dogecoin Eyes $2 as Memecoin Supercycle Gains Momentum, Analysts Say appeared first on Crypto Adventure.