Dogecoin Price Prediction According To Kaleo Crypto Analyst

Dogecoin illustration. (Photo; Doc. Unsplash)

JAKARTA - An influential crypto analyst, Kaleo, indicated that Dogecoin (DOGE) is in a favorable position and ready to experience a massive spike. Kaleo, which was followed by hundreds of thousands of followers on Twitter, believes that DOGE could record a parabolic rally after successfully breaking its bear market resistance.

Kaleo suggested that if DOGE was able to pass a certain level of resistance, then this coin could potentially reach its last seen price in November 2022, when the crypto market was in a strong bullish trend.

The analyst projects that DOGE can reach more than 130 percent of the current price, which is currently written at around 0.069 US dollars (Rp1,300s), towards a price range above 0.16 US dollars (Rp2,300s).

In addition, the Dogecoin versus Bitcoin (DOGE/BTC) pair also showed positive signs, by successfully penetrating long-term diagonal resistance. This provides indications that Dogecoin can also grow relatively to Bitcoin, which is currently written trading at a price of around 30,264 US dollars (Rp453 million).

On the other hand, the analyst also gave a warning regarding Bitcoin. Kaleo observed continued consolidation above the level of US$30,000 (Rp449 million) and stated that the longer Bitcoin is in this price range, the less likely there will be a higher movement. In addition, there is also news about the US Department of Justice seizing Bitcoin as it changes hands, which could affect the market.

Kaleo believes that there is potential for Bitcoin to decline towards a price level of 26,000 US dollars (Rp 389 million) before returning to its current trade range. However, keep in mind that crypto market analysis always involves risks, and projected prices and market movements can change abruptly based on various factors. Investment in the crypto market always requires close vigilance and analysis before making a decision.