According to a cryptocurrency analyst named Kaleo, Dogecoin (DOGE) is currently repeating past price patterns, which could potentially push the meme token to new all-time highs, with gains of 706% to 1,512% from current levels.
Kaleo still believes that the meme coin sector is in a supercycle and DOGE may rise to the range of $1 to $2, but historical trends indicate 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 would not 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 DOGE’s historical price actions, which have often preceded significant price increases. Kaleo stated:
“For those saying DOGE is boring, you are partly right. [The altcoin] spent about 9.5 years going sideways or down. But then it had a year where it saw approximately a 6,000% increase from the lows and another leg up exceeding 30,000%.”
According to the expert, the duration in which DOGE moves within the range from 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 about 8-9 months after half of them before starting to rise.
