x
Crypto analyst says Dogecoin could repeat 2021 cycle to hit around $7 originally appeared on TheStreet.
Popular crypto expert, known as @CryptoKaleo on X, is eyeing a Dogecoin breakout soon enough.
The pseudonymous expert shared a price analysis chart on X on Aug. 13, which showed similarities between the 2021 and current cycles.
@CryptoKaleo highlighted that in January 2021, Dogecoin dipped in value following months of accumulation within a descending range. But the move was followed by a sharp breakout, which saw the meme coin surging by more than 8,000% to reach an all-time high (ATH) of $0.7376 on May 8, 2021.
The analyst argued that DOGE is ready to make a similar move to that of January 2021, which he hopes will trigger the next epic breakout.
Well, the meme coin's price trajectory since July 2021 has been nothing but a series of accumulations within descending ranges followed by modest breakouts.
As per @CryptoKaleo, it's time for an epic breakout on the chart similar to what we witnessed in 2021.
The popular analyst is eyeing a price of $6.9420 for Dogecoin. They also expect crypto treasury firms to buy DOGE worth billions of dollars. We have recently seen Bit Origin (Nasdaq: BTOG) adopting a DOGE treasury strategy.
The recent whale activity also requires our attention. Another popular analyst, known as @ali_charts on X, highlighted how DOGE whale activity was recently at a one-month high.
"Expecting the god candle to initiate from there," @CryptoKaleo added.
At press time, Dogecoin was trading at $0.2244. For it to hit the analyst's target of $6.9420, it needs to surge by more than 3,000%.
