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Kaleo, a closely watched cryptocurrency analyst and trader, has announced that he expects a massive parabolic price movement for Dogecoin (DOGE), the biggest memecoin that made its mark in 2021. According to the analyst, DOGE is preparing for a fast and strong breakout.
Prediction of a 130% Increase for Dogecoin
Cryptocurrency analyst Kaleo stated that Dogecoin, which is competing with Shiba Inu (SHIB), could make a significant rally after breaking the bear market resistance line. According to Kaleo, this breakout could take Dogecoin to a level last seen in November 2022, indicating the end of the bull market in the cryptocurrency market.
Looking at the price chart shared by Kaleo, it can be seen that Dogecoin is predicted to experience a sharp rise above $0.16, which is a potential increase of over 130% from its current price of $0.069. The analyst also mentioned that Dogecoin has broken its long-term diagonal resistance against Bitcoin (DOGE/BTC), supporting its bullish outlook.
Warning: “Bitcoin Could Re-Test $26,000”
After analyzing Dogecoin, Kaleo also looked at Bitcoin and believes that the largest cryptocurrency is preparing for a sharp and fast downward movement after a prolonged consolidation above $30,000. The analyst warned investors with the following statement:
The longer we stay in the $30,000 range, the less likely it seems to have a sudden rise. I have seen a few tweets about the Department of Justice (DOJ) taking action and seizing some BTC. Therefore, I expect the price to fall back to the 200-day EMA (exponential moving average) and create a buying opportunity. I will take advantage of this buying opportunity by increasing my BTC holdings.
Kaleo’s Bitcoin chart suggests that the largest cryptocurrency will revisit the $26,000 level before returning to its current trading range, providing a buying opportunity.
