It’s Almost Time For A Good Dogecoin Pump, Analyst Says
Release: 2024/05/18 04:04 Reading: 559
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=300681
Crypto Analyst Predicts Bullish Run for Dogecoin
Crypto analyst Crypto Kaleo has presented a bullish narrative for Dogecoin (DOGE). According to his analysis, the leading meme coin is poised for a parabolic surge in the near future.
"It's Almost Time" for a Dogecoin Pump
In a post on X (formerly Twitter), Crypto Kaleo stated that Dogecoin is "overdue for a good pump." He referenced a chart comparing DOGE and GME, noting that GameStop "led the way back in early 2021." He suggested that Dogecoin's pump only began after GME reached its peak.
Historical Precedents
The GameStop short squeeze is widely credited with triggering the meme season, leading to substantial price increases for Dogecoin and other meme coins. Kaleo also highlighted that the "DOGE/BTC ratio still looks primed for a move higher."
Timing and Positioning
Regarding the timing of the Dogecoin rally, Kaleo believes investors may need to "wait a few days, maybe a couple of weeks, for the Doge move to start." He anticipates that GME has not yet reached its peak. He also revealed his bullish positioning, stating that he has "had a bag for ages" and will continue accumulating DOGE.
Potential Dip and Breakout
Kaleo acknowledged that a DOGE dip could occur before the pump. He cited a similar pattern in 2021, where Dogecoin retested a lower range before surging.
Price Targets
Kaleo is among the analysts who predict that Dogecoin could reach $1 during this bull run.
Imminent Breakout
Other crypto analysts have also noted the potential for a breakout in Dogecoin. World of Charts predicts a 100% surge to $0.3, while Jaydee highlights a bullish monthly chart pattern, suggesting "life-changing" gains for some.
Meme Coin Mania
Crypto Scient predicts a bullish reversal for DOGE could ignite a meme coin mania similar to February 2021, when meme coins experienced significant price increases following GameStop's stock surge.
At the time of writing, Dogecoin is trading at around $0.15, down over 3% in the last 24 hours.
src="/uploads/20240518/17159782206647bfeca8836.png">Source: X src="/uploads/20240518/17159782206647bfeca8836.png">Source: X Chart from Tradingview.com
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