3 - 5 minute read
Dogecoin (DOGE) has been a hot topic in the cryptocurrency community lately, and according to a closely followed crypto trader, the meme-inspired coin is about to draw even more attention. Pseudonymous analyst Kaleo, who has over 571,100 followers on Twitter, believes that DOGE is primed for a burst to the upside.
Kaleo notes that while DOGE has been a laggard relative to other altcoins, it will likely not remain so for long. “Still gonna ride with this DOGE king until it sees a decent squeeze. Chart looks too primed not to,” he tweets. “Too many alts have been squeezed already for Dogecoin to not have its moment.”
But what exactly does this mean for traders? While it is important to take this prediction with a grain of salt, as with all investments, it is worth noting that Dogecoin has shown significant growth in the past, particularly in early 2021 when it reached an all-time high of $0.69.
Kaleo’s prediction is not without merit, as DOGE is currently trading for $0.775, slightly above the trader’s diagonal resistance at around $0.765. Additionally, Kaleo notes that when DOGE moves, it usually happens all at once, so it may be better to enter when it’s “boring” like it is now.
Of course, trading is never a sure thing, and there are always risks involved. However, for those who are willing to take a chance on DOGE, it may be worth keeping an eye on the coin’s movements in the coming weeks.
Kaleo is also updating his short-term outlook on Bitcoin (BTC), noting that the coin looks positioned to take out multiple resistances on the lower timeframe and rally above $30,000. “AND BOOM THAT IS HOW IT’S DONE BOUNCE RIGHT OFF $27,500,” he tweets. “Now time to slowly grind back toward highs, reclaim $29,000 and initiate acceleration for full send.”
Bitcoin is currently worth $28,632, and while Kaleo’s prediction may be exciting for BTC holders, it is important to remember that trading always carries risk. As always, traders should do their own research and consult with a financial advisor before making any investment decisions.