A closely followed analyst predicts that Dogecoin (DOGE), the popular dog-themed meme asset, is preparing for a significant surge in value. This projection is based on the recent surge in DOGE transactions exceeding $100,000, indicating growing interest from institutional investors and whales.
Another crypto strategist, Kaleo, shares the bullish sentiment towards Dogecoin, anticipating a substantial rally in the next week or two. He predicts that DOGE will reach around the $0.15 mark during this rally. However, he believes that the 'real' DOGE rally will occur in 2024.
Kaleo expects Dogecoin to start moving higher in the near future, with a potential daily increase to the 9-10 cents range, followed by a surge to approximately $0.15. While he doesn't anticipate DOGE surpassing twenty cents in this rally, he remains optimistic about the coin's potential.
Although the analyst believes that the true DOGE rally will not commence until 2024, he suggests that investors can still enjoy some gains before then. He mentions the importance of high time frame resistance on the BTC pair around 550 satoshis, which influences the 20 cents figure.
At the time of writing, Dogecoin is trading at $0.075, reflecting a 1.5% increase for the day.
In conclusion, the analyst's analysis suggests that Dogecoin is poised for a significant surge in value. While a short-term rally is expected in the next week or two, the 'real' rally is projected to occur in 2024. Investors should consider these insights when making investment decisions regarding Dogecoin.
