Dogecoin Could Reach a New All-Time High According to Historical Trends

According to a crypto analyst known as Kaleo, Dogecoin (DOGE) is replicating pricing patterns of the past, which could send the meme coin to a new all-time high, shooting up 706% to 1,512% from its current value.

Kaleo still believes the meme coin sector is in a supercycle and DOGE could rise to the $1 to $2 range, but historical trends suggest there is likely some lead time before that happens.

However, the expert cautioned that Dogecoin could first drop by up to 35% from its current level before a significant rise.

He would not be surprised if the current bullish trend heads towards the range at $0.08 – $0.10, restoring the February move up from around $0.075 to $0.23.

The analyst’s optimistic forecast is based on DOGE’s historical price action, which has often preceded significant price increases.

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Kaleo stated:

For those saying DOGE is boring, you’re partially right. [Dogecoin] spent about 9.5 years in a range or down. But the other year it experienced an upswing that saw an approximate 6,000% increase from the lows and another spike in excess of 30,000%.

According to the expert, the length of time that the DOGE has been in a range since the last historical high is comparable to the previous two periods of similar moves before the breakout. He added that each of those moves took about 8-9 months after the halfway point before the rise began.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.