Dogecoin Could Reach a New All-Time High According to Historical Trends
According to a crypto analyst known as Kaleo, Dogecoin (DOGE) is replicating pricing patterns of the past, which could send the meme coin to a new all-time high, shooting up 706% to 1,512% from its current value.
Kaleo still believes the meme coin sector is in a supercycle and DOGE could rise to the $1 to $2 range, but historical trends suggest there is likely some lead time before that happens.
However, the expert cautioned that Dogecoin could first drop by up to 35% from its current level before a significant rise.
He would not be surprised if the current bullish trend heads towards the range at $0.08 – $0.10, restoring the February move up from around $0.075 to $0.23.
The analyst’s optimistic forecast is based on DOGE’s historical price action, which has often preceded significant price increases.
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Dogecoin Sees Significant Growth in Holder Count, Outpacing Other AltcoinsKaleo stated:
For those saying DOGE is boring, you’re partially right. [Dogecoin] spent about 9.5 years in a range or down. But the other year it experienced an upswing that saw an approximate 6,000% increase from the lows and another spike in excess of 30,000%.
According to the expert, the length of time that the DOGE has been in a range since the last historical high is comparable to the previous two periods of similar moves before the breakout. He added that each of those moves took about 8-9 months after the halfway point before the rise began.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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