A pseudonymous crypto analyst, who goes by the name Kaleo, has suggested that Dogecoin (CRYPTO: DOGE) is on the brink of a significant breakout that could potentially result in gains exceeding 200%.
What Happened: Kaleo on Wednesday expressed confidence in DOGE's future prospects despite skeptics' reservations. "DOGE is on the verge of doing something like this, but you still don't want to believe it," stated Kaleo.
A chart presented by the analyst showcases DOGE reaching levels around $0.24. It is worth noting that at the time of reporting, DOGE is trading at approximately $0.075.
$DOGE / $BTC is on the verge of doing something like this, but you still don't want to believe it. pic.twitter.com/uAQb9uDsqr
— K A L E O (@CryptoKaleo) August 9, 2023
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Why It Matters: Kaleo further explained, "DOGE/BTC (CRYPTO: BTC) high-timeframe breakouts have been one of the most predictable patterns in crypto over the past decade."
The analyst highlighted that this pattern typically involves a slow bleed over a longer duration (often spanning seven months or more), followed by a rapid and substantial price surge that can be exhilarating for investors.
$DOGE / $BTC HTF breakouts have been one of the most predictable patterns in crypto over the past decade.
— K A L E O (@CryptoKaleo) August 9, 2023
Slow bleed over a longer duration of time (usually 7 months +) followed by a quick, face melting pump pic.twitter.com/lRibmxqgXh
Dogecoin, a cryptocurrency known for its Shiba Inu dog logo, was created by software engineers Billy Markus and Jackson Palmer in December 2013. Initially created as a lighthearted and fun digital currency, Dogecoin has gained popularity and a dedicated community for its charitable endeavors and meme-driven culture.
Photo Courtesy: Shutterstock.com
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