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One widely followed cryptocurrency analyst and trader expresses bullish sentiment on Dogecoin (doug).
The analyst is known as Kallio Tells His 642,200 followers on social media platform
“I still think we are in a coin super cycle and we will see DOGE send to $1-$2. History says we will likely have little time to prepare for that before it happens.
Dogecoin is trading at $0.125 at the time of writing.
When Dogecoin could start to rise, the pseudonymous analyst says:
“Each of those different moves [previous Dogecoin rallies] It took approximately eight to nine months after [Bitcoin] Half before they start pumping. It has currently only been two months since the last Bitcoin halving. With that in mind, it would actually be more favorable to the trend of no real breakout/expansion move until December-February.”
However, the pseudonymous analyst and trader warns that Dogecoin could first fall by as much as 36% before rising.
“With that in mind, I wouldn’t be surprised to see the current uptrend retreat to the 8 to 10 cent range and track February’s upward move. [from around $0.09 to $0.22] That we saw. A similar trend break with a ~30% pullback and retrace occurred in August 2020, several months before the start of the DOGE and Gigasending spread.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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