A widely followed crypto analyst believes that top memecoin Dogecoin (DOGE) is poised to witness a parabolic surge.
Pseudonymous analyst Kaleo tells his 593,600 Twitter followers that the Shiba Inu (SHIB) rival could go on a massive rally after taking out its bear market resistance.
According to Kaleo, the breakout could send Dogecoin to a level last seen in November 2022, a date that marked the end of the crypto bull market.
“DOGE breaking out vs. USD as well as BTC.”
Looking at Kaleo’s chart, he appears to suggest that Dogecoin will go through a steep surge above $0.16, potentially more than a 130% increase from its current price of $0.069.
The crypto trader adds that the Dogecoin versus Bitcoin (DOGE/BTC) pair has also broken above its long-term diagonal resistance.
“YOOOO IT HAS BEGUN.”
At time of writing, DOGE/BTC is trading for 0.00000231 BTC ($0.070).
Looking at Bitcoin itself, Kaleo says that BTC’s extended consolidation above $30,000 suggests that the crypto king is heading for a sharp move to the downside.
“The longer we’ve distributed in the $30,000 range, the less likely an immediate move higher looks. I’ve seen several tweets about DOJ (U.S. Department of Justice) seizing BTC on the move as well. Would love another opportunity to stack on the dip to the 200 EMA (exponential moving average) on the daily if we get it.”
Based on Kaleo’s chart, he believes that Bitcoin could revisit the $26,000 price level before reclaiming its current trading range.
At time of writing, BTC is worth $30,264.
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