Dogecoin Eyes $2 as Memecoin Supercycle Gains Momentum, Analysts Say
Release: 2024/07/02 18:40 Reading: 416
Dogecoin Forecast: Analyst Projects Rally to $2, but Bottlenecks Ahead
Popular pseudonymous analyst Kaleo has boldly predicted that the current memecoin supercycle could propel Dogecoin (DOGE) to $2. This forecast is based on DOGE's historical performance, which has seen it reach all-time highs.
Sideways Trading with Explosive Potential
Kaleo acknowledges that DOGE has historically exhibited limited upward movement. However, he highlights two instances where the memecoin experienced explosive breakouts of 6,000% and 30,000%. These surges occurred after extended periods of sideways movement, similar to the current market conditions.
Timeline for Rally
Kaleo believes a substantial DOGE breakout may not occur for several months, potentially in December or February. This is based on the assumption that it takes approximately 8-9 months for such rallies to materialize after a Bitcoin halving event, which occurred just two months ago.
Short-Term Dip Possible
The analysis also acknowledges the possibility of a short-term dip in the current bullish trend, potentially retracing back to the 8-10% range. This aligns with a similar trend break observed in August 2020, which preceded a period of significant growth for DOGE.
Can DOGE Reach $2?
Kaleo's $2 projection is certainly a possibility, given factors such as Tesla accepting DOGE for payments. However, the massive circulating supply of Dogecoin and the fickle nature of meme coins raise some concerns.
Current Market Conditions
As of , DOGE is trading at $0.1229, down 1.8% in the past day. Its market cap stands at $17.8 billion.
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