Dogecoin has violently fell in the past 24 hours, throwing a large piece of its value in a brutal correction throughout the crypto market. Which looked like a retaining over $ 0.25 It turned into a quick malfunction that withdrew Dogecoin’s price within $ 0.148 within 24 hours.
However, the technical analysis of the Kaleo analyst show shows that Dogecoin is ready to hit the new maximums of all time. In the post on X, he doubled on an incredible bull prediction, stating that $ 6.90 was a “magnet” for Dogecoin.
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Dogecoin ladder tells the story
IN his post on The Social Media X platform, Kaleo, noticed that the members of the community of community are increasingly being to see that Dogecoin is with a higher level. A chart that follows Kale’s post shows the historical pattern that Dogecoin followed after the previous Bitcoin poles.
Each halves have always followed the years of huge moves at Dogecoin’s price, with Meme coin broke out from long -term descending lines of resistance to record exponential gains. Examples shown in this chart are an increase in explosive prices for 2017 and 2021.
Kaleo suggested that the current market phase reflects the same structure that is seen just before running the bull 2021, when Dogecoin broke above the key lower resistance from the previous maximum of all time. This moment is shown on the chart with the sticker “We’re here.”
Graph price dogecoin. Source: @cryptokaleo on x
6.90 dollar magnet: Kale’s logic behind the forecast
Kaleo acknowledged that the projection of the prices of Dogecoin would be $ 6.9 could Sounds a little too much bullBut his logic is based on the logic of mathematics of market cap. In his post he explained that his projection for bitcoin this cycle is surpassing $ 500,000. If Bitcoin surpasses $ 500,000 as expected, it would turn into market capitalization of $ 10 trillion.
This pure amount of inflows would move on to the rest of the crypto market, and Dogecoin could theoretically reach 10% of Bitcoin’s estimate, just as the case during Mania 2021. This ratio implies a market cap of Dogecoin $ 1 trillion, which is a price equivalent of $ 6.94 per token based on the current supply circulated.
Recent Dogecoin price drop Complicated this bull’s narrative. Instead of confirming the immediate breakthrough, Meme’s coin fell below the support level of $ 0.25. At the time of writing, Dogecoin is traded at $ 0.1971, a drop by 21.4% in the last 24 hours and scored within a day of $ 0.1489.
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The breakup looks like a type of liquidity throughout the market that is often seen before large turns. However, it also risks the expansion of the dogecoin bear structure and the delay of any decay if the price fails to recover quickly. Currently, recovery is above $ 0.25 is important for bulls to restore bull’s momentum.
Sepaled image UNSPLASH, TRIINGView chart
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