A widely followed crypto analyst says that the bottom is in for Dogecoin (DOGE) while predicting a big move to the upside.
Pseudonymous analyst Kaleo tells his 575,900 Twitter followers that the dog-themed meme token could see an approximate 15% price increase from its current value.
“DOGE is waking up.”
The crypto trader says that Dogecoin hit a bottom price on Wednesday at the $0.0815 level.
“This was the bottom btw (by the way).”
His chart shows DOGE breaking to the upside out of a descending triangle pattern suggesting a bullish reversal trend. He is predicting a big bounce from the $0.0815 level.
“Looks primed for a quick bounce from here though.”
He says Dogecoin is on the verge of crossing into the $0.100 level if it can break out of the descending trendline resistance level of $0.0873.
“Break above the line, and accelerate back to ten cents with haste.”
Earlier this month, DOGE surged more than 30% to cross into the $0.0100 level when Dogcoin’s most famous supporter, tech billionaire Elon Musk, changed Twitter’s icon to the DOGE logo.
However, that DOGE surge was short-lived. When Musk later reverted Twitter’s logo back to its iconic blue bird just a few days later, the meme token gave up its gains.
Dogecoin is trading for $0.0870 at time of writing, up nearly 6% in the past 24 hours. DOGE is currently the eighth-largest cryptocurrency by market cap.
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Featured Image: Shutterstock/Fariza Abdurrazaq/MrArtHit