A widely followed crypto strategist believes that Dogecoin (DOGE) is preparing for a significant upward movement. The pseudonymous analyst, Kaleo, predicts that DOGE will follow the footsteps of other altcoins that have recently experienced substantial gains.
Kaleo suggests that DOGE may consolidate in the short term before experiencing a surge. He points out the positive trend in altcoins and finds it hard to believe that Dogecoin will not break out of its current range.
Kaleo's chart analysis indicates that DOGE could rally above $0.083 by November 13th, resulting in gains of over 12% in less than a week.
Kaleo's bullish stance on Dogecoin is further supported by the price action of the DOGE/BTC chart. He notes that DOGE/BTC is now trading above a year-long diagonal resistance, suggesting a breakout.
According to Kaleo's chart, DOGE/BTC could soar to as high as 0.00000550 BTC ($0.19). Currently, the pair is trading at 0.00000209 BTC, equivalent to approximately $0.074.
In conclusion, Kaleo's analysis and chart predictions indicate that Dogecoin is gearing up for a steep move to the upside. Investors may want to consider the potential for short-term consolidation before a potential price rally. The positive price action of DOGE/BTC further supports the bullish stance on Dogecoin. However, it is important for investors to conduct their own research and exercise caution when making high-risk investments in cryptocurrencies.
