Dogecoin (DOGE) is believed to have hit rock bottom, according to a crypto analyst. The anonymous expert, known as Kaleo, has 575,900 followers on Twitter and has predicted a significant price increase for the dog-themed meme token. Kaleo believes that DOGE could see an increase of around 15% from its current value, as the cryptocurrency has broken out of a descending triangle pattern, which suggests a bullish reversal trend.
DOGE’s bottom price was predicted to be on 14 April, when it hit the $0.0815 level. This was confirmed by Kaleo, who shared a chart of DOGE’s performance online, stating, “This was the bottom btw”. He believes that if the cryptocurrency can break out of the descending trendline resistance level of $0.0873, it is on the verge of crossing into the $0.10 level, with the potential for a significant price increase.
Kaleo’s positive predictions come just weeks after DOGE surged by more than 30% to reach $0.10, following support from tech billionaire Elon Musk. However, the surge was short-lived, as Musk later reverted Twitter’s logo back to its iconic bluebird just a few days later, causing the meme token to give up its gains.
DOGE is currently trading at $0.0870, up almost 6% in the past 24 hours, and is currently the eighth-largest cryptocurrency by market cap.
Investors should note that opinions expressed by industry experts are not investment advice and should be treated as such. All investments, including in Bitcoin, cryptocurrency and digital assets, are high-risk, and investors should carry out their due diligence before making decisions. As always, it’s essential to understand that transfers and trades are at your own risk, and any losses incurred are your responsibility.
The Daily Hodl is not an investment advisor and does not recommend that users buy or sell any cryptocurrencies or digital assets. The Daily Hodl recommends that you carry out your due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets.
In summary, Dogecoin’s prediction of a 15% price increase could be accurate if it breaks the $0.0873 descending trendline resistance level. Investors who want to take advantage of this potential increase should always carry out their due diligence and be mindful of the risks involved in investing in cryptocurrencies.
