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.
[adinserter block="1"]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.”
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.
Kaleo 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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