A widely followed crypto strategist thinks that top memecoin Dogecoin (DOGE) is gearing up for a steep move to the upside.
Pseudonymous analyst Kaleo tells his 601,600 followers on the social media platform X that DOGE will eventually follow in the footsteps of altcoins that have printed strong gains over the last few days.
According to the analyst, DOGE may consolidate in the short term before blasting off.
“Honestly though – look at how beautiful the USD chart is.
The way alts are starting to pop off, I find it hard to believe Dogecoin doesn’t see a squeeze out of its current range…
Not too much of a change from last night for Dogecoin. I’m prepared for a boring next few days before we really send if that’s what it takes.”
Source: Kaleo/X
Looking at the trader’s chart, he seems to predict that DOGE will rally above $0.083 by November 13th, representing gains of over 12% from current prices in less than a week.
Caleo says that his bullish stance on Dogecoin is supported by the price action of the Dogecoin versus Bitcoin (DOGE/BTC) chart. According to Kaleo, DOGE/BTC is now trading above a year-long diagonal resistance.
“DOGE/BTC pair has broken out.”
Based on the trader’s chart, he seems to predict that DOGE/BTC will soar to as high as 0.00000550 BTC ($0.19). At time of writing, the pair is trading for 0.00000209 BTC worth about $0.074.
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Generated Image: Midjourney
