Crypto analyst Crypto Kaleo has laid out a bullish narrative for Dogecoin (DOGE). Based on his analysis, the foremost meme coin may make a parabolic run to the upside soon enough. The analyst also alluded to history to reaffirm that this rally will definitely happen.
“It’s Almost Time” For A Good Dogecoin Pump
Crypto Kaleo remarked in an X (formerly Twitter) post that it is almost time for Dogecoin to rally significantly, as he stated that the foremost meme coin is “overdue for a good pump.” The crypto analyst made reference to a DOGE and GME chart while reminding his followers that it was GameStop “that led the way back in early 2021.” He claimed that it wasn’t until after GME topped that Dogecoin started pumping.
Indeed, the GameStop short squeeze is believed to have ushered in the meme season, leading to significant price surges for Dogecoin and other meme coins like Shiba Inu (SHIB). Besides Dogecoin’s correlation with GameStop, the analyst suggested that Dogecoin is also due to a pump because the “DOGE/BTC ratio still looks primed for a move higher.”
As to when this Dogecoin rally is likely to happen, Kaleo mentioned that investors might have to “wait a few days, maybe a couple of weeks, for the Doge move to start” because he doesn’t think GME has topped yet. He also revealed that he is well positioned for this move as he has had “a bag for ages” and will continue accumulating the meme coin.
In the meantime, Kaleo remarked that a DOGE dip wouldn’t be surprising and might even be necessary for the imminent pump. He alluded to a Dogecoin pump in 2021 and noted that the meme coin retested a lower range before it eventually ripped that time, suggesting that a similar move could play out again this time around. Kaleo is also among crypto analysts who believe that Dogecoin could rise to as high as $1 in this bull run.
A DOGE Breakout Is Near
Crypto analyst World of Charts recently noted that Dogecoin was on the verge of another breakout. According to him, a successful breakout will see the meme coin enjoy a 100% move as it rises to $0.3. Crypto analyst Jaydee also echoed a similar sentiment, highlighting DOGE’s monthly chart, which suggested that a breakout is imminent. Jaydee claimed that “Dogecoin will be life-changing for some very soon.”
Meanwhile, crypto analyst Crypto Scient predicted that a bullish reversal for DOGE could trigger a meme coin mania like the one in February. Going by Kaleo’s prediction, this meme coin mania could be similar to what happened in 2021, when meme coins enjoyed significant price surges after GameStop’s stock tops.
At the time of writing, Dogecoin is trading at around $0.15, down over 3% in the last 24 hours, according to data from CoinMarketCap.