A closely followed crypto trader believes Dogecoin (DOGE) is about to draw the attention of crypto traders.
Pseudonymous analyst Kaleo tells his 571,100 Twitter followers that DOGE chart looks primed for a burst to the upside.
According to Kaleo, Dogecoin will likely not remain a laggard relative to other altcoins for long.
“Still gonna ride with this DOGE king until it sees a decent squeeze. Chart looks too primed not to.
Too many alts have been squeezed already for Dogecoin to not have its moment. Once again, plan on rotating quickly back into BTC – but still think there’s opportunity for a solid scalp.
One other thing to note is that when DOGE moves, it usually happens all at once – so better to enter when it’s boring like it is now.”
At time of writing, DOGE is trading for $0.775, slightly above the trader’s diagonal resistance at around $0.765.
The top crypto trader is also updating his short-term outlook on Bitcoin (BTC). Kaleo believes that BTC looks positioned to take out multiple resistances on the lower timeframe and rally above $30,000.
“AND BOOM THAT IS HOW IT’S DONE BOUNCE RIGHT OFF $27,500.
Now time to slowly grind back toward highs, reclaim $29,000 and initiate acceleration for full send.”
At time of writing, Bitcoin is worth $28,632.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/Relight Motion/MrArtHit