According to a cryptocurrency analyst named Kaleo, Dogecoin (DOGE) is repeating past price patterns, which could push the meme token to new all-time highs, with a potential increase of 706% to 1,512% from its current value.
Kaleo still believes that the meme coin sector is in a supercycle and DOGE could rise to the range of $1 to $2, but historical trends suggest that there may be some time for preparation before this happens.
However, the expert warned that Dogecoin may first drop by up to 35% from its current level before experiencing a significant increase. He wouldn’t be surprised if the current bullish trend shifts to the range of $0.08 – $0.10, recovering the upward movement from around $0.075 to $0.23 in February.
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The analyst’s optimistic forecast is based on the historical price actions of DOGE, which have often preceded significant price increases.
Kaleo stated:
For those who say DOGE is boring, you’re partly right. [The altcoin] spent about 9.5 years ranging or downtrending. But last year, it saw a move that saw approximately a 6,000% increase from its lows and another leg up that exceeded 30,000%.
According to the expert, the duration that DOGE has been in a range since the last historical peak is comparable to the previous two periods of similar movements before the breakout. He added that each of these movements took around 8-9 months after the halfway mark before starting to rise.
