Dogecoin has had a bearish price trajectory lately with the meme coin dipping below 10 cents. Top trader CryptoKaleo predicts a further drop before a potential rally towards $1.
This price movement comes amid a broader downturn in crypto. Besides, Kaleo is bullish about DOGE’s potential in the long run and predicts a price surge following a period of consolidation.
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Dogecoin’s Price Analysis
CryptoKaleo shared his insights on X regarding DOGE’s price action. He noted that the crypto has broken below the 10-cent support level. This move aligns with the lows observed in the previous month, indicating a continuation of bearish sentiment.
The analyst suggests that further downside may be imminent for Dogecoin. CryptoKaleo predicts a possible “flush” to sub-7 cents before the market stabilizes. This potential drop could mark the bottom of the bearish cycle for DOGE.
Kaleo anticipates consolidation lasting several months before a price surge. Moreover, he predicts that DOGE could reach the $1 mark, fulfilling what he refers to as “the prophecy.”
DOGE’s Performance Against BTC
CryptoKaleo also provided insights into Dogecoin’s performance against Bitcoin. He expects DOGE to test the lower boundary of its trading channel against BTC. This move could see the DOGE/BTC pair dropping to between 130-140 satoshis.
The analyst’s predictions align with the broader market sentiment for meme coins and altcoins. CryptoKaleo suggests that similar price movements may occur across other major cryptos in this category. These assets could experience further downside before establishing a solid bottom.
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Current Dogecoin Price Data and Recent Performance
Recent price data from CoinGecko supports the bearish narrative surrounding Dogecoin. As of the latest update, DOGE is trading at $0.08395. The meme coin has seen a substantial daily trading volume of $2,347,822,846.
Dogecoin’s recent performance has been notably bearish. The asset has experienced a 21.47% price decline over the past day. Moreover, when considering a broader timeframe, DOGE has lost 37.72% of its value in the last week.
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