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.
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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.