Prominent cryptocurrency analyst Kaleo predicts that the recent rebranding of Twitter by American entrepreneur and billionaire Elon Musk will lead to a significant move in the popular memecoin, Dogecoin (DOGE). Kaleo believes that Musk will soon integrate Dogecoin into the popular social media platform.
Kaleo expects Musk to reveal his plans for some form of integration of DOGE into Twitter in the coming weeks, and to reiterate similar claims made earlier this year. He anticipates a substantial surge in the memecoin. The fact that Musk has added DOGE to the bio section of his Twitter profile around the same time as the rebranding suggests a high likelihood of action.
The analyst also noted that Dogecoin (DOGE/BTC) has broken a long-term downward trend resistance line against Bitcoin, supporting expectations of an upward trend. However, Kaleo cautioned that there may be small pullbacks in the short term before Dogecoin continues its upward movement.
Despite the current market downturn led by the largest cryptocurrency, Bitcoin (BTC), and investor impatience, Kaleo predicts that DOGE will eventually surpass $0.10 and beyond, recommending accumulation of the memecoin. The analyst advised investors to accumulate DOGE, which has been trading within a narrow range for months, stating that current prices still offer an opportunity for accumulation.
According to the latest price data, Dogecoin has seen a 3.43% increase in the last 24 hours, trading at $0.08013 at the time of writing. With a market capitalization of $11.25 billion, DOGE is the 7th largest cryptocurrency and the 6th largest altcoin. Kaleo believes that once Dogecoin surpasses $0.10 and beyond, rapid progress will follow.
The analyst argues that past price movements indicate the possibility of such an uptrend, further increasing the likelihood.