5 June 2024
Crypto analyst Crypto Kaleo has laid out a bullish narrative for Dogecoin (DOGE), revealing how well the foremost meme coin could perform in this bull run. He also suggested that there was no need to worry about Dogecoin’s current price action, which paints a bearish outlook for the meme coin.
Dogecoin Will Outpace Bitcoin In This Market Cycle
Crypto Kaleo mentioned in an X (formerly Twitter) post that he has “an insanely high conviction” that Dogecoin will “outpace” Bitcoin in this market cycle. He made this statement while revealing that he is also bullish on the flagship crypto. Given how high Bitcoin is expected to rise in this bull run, this undoubtedly paints an ultra-bullish narrative for the foremost meme coin.
From the chart he shared, Crypto Kaleo predicts that Dogecoin could rise over 200% against its Bitcoin pair and climb to as high as $0.55. He is convinced that Dogecoin can make such a run because he claims the market is in a “meme super cycle.”As such, he remarked that the “king of memes won’t be left behind.”
Despite this being a meme super cycle like Crypto Kaleo claims, Dogecoin’s price has continued to lag compared to other meme coins. However, the analyst suggested that DOGE’s current price action is normal, stating that the meme coin “moves sideways for extended periods, followed by rapid vertical growth.”
In an earlier X post, the analyst suggested that this “rapid vertical growth” could happen once GameStop’s (GME) stock tops. He drew a correlation between both assets, noting that Dogecoin’s price rallied in the 2021 bull run after GME topped. He expects something similar to happen this time, especially with Roaring Kitty’s return.
Meanwhile, Crypto Kaleo isn’t the only one who believes that Dogecoin can outperform Bitcoin in this market cycle. Crypto analyst Don Alt also seems to hold this belief as he previously suggested that Dogecoin was a better investment than Bitcoin based on his claim that Dogecoin can rise to as high as $2 in this bull run.
DOGE Going To Go Parabolic Later This Year
Crypto analyst Altcoin Sherpa has also offered a bullish narrative for Dogecoin. In a recent X post, he stated that the foremost meme coin “is going to do something stupid later this year,” suggesting that a parabolic rise was on the horizon for Dogecoin. He added that Dogecoin is still one of the “safest trades” anyone can make in this cycle.
He also seems to believe that Dogecoin can outperform Bitcoin in this cycle, noting in another X post that Dogecoin was one of the few altcoins that increased and held above their Bitcoin pair in the 2021 bull run. He added that these altcoins “are for this cycle” and that crypto investors should keep this in mind.