Crypto Analysts Predict Parabolic Surge for Dogecoin as Bitcoin Faces Potential Weakness

Renowned crypto analyst Kaleo, with 593,600 Twitter followers, has made an interesting prediction for Dogecoin (DOGE). The meme-inspired cryptocurrency, often in the spotlight due to its volatile nature, could experience parabolic spikes according to Kaleo. With bullish indications and the key resistance level being broken, Dogecoin may revisit price levels last seen during the previous bullish crypto market. Meanwhile, Kaleo also shares concerns about Bitcoin (BTC) as its prolonged consolidation near $30,000 hints at a downside potential.

Bullish DOGE breakouts:

Kaleo’s analysis shows that Dogecoin is on the verge of breaking bear market resistance. If this happens, analysts predict a significant rally that could push DOGE to levels not seen since November 2022. Based on the Kaleo chart, Dogecoin could soar above $0.16, marking a potential gain of over 130% from its current price of $0.069. Moreover, Kaleo notes that Dogecoin’s performance against Bitcoin, shown by the DOGE/BTC pair, has also surpassed its long-term diagonal resistance, further enhancing the bullish outlook.

Potential Downsides of Bitcoin:

While discussing Bitcoin, Kaleo expressed concern about a prolonged consolidation above $30,000. According to analysts, this indicates a higher probability of a sharp downward move for the leading cryptocurrency. Adding to the sentiment, Kaleo referenced a tweet indicating a possible seizure of Bitcoin by the US Department of Justice during the market move. As a result, analysts express a desire to accumulate more BTC in the event of a dip to the 200-day exponential moving average (EMA) on the daily chart. Based on Kaleo’s analysis, Bitcoin could revisit the $26,000 price level before trying to recapture its current trading range.

The predictions of Crypto Kaleo analysts have generated significant interest among investors and enthusiasts. The upbeat outlook for Dogecoin hinted at a parabolic surge, fueled by the outbreak of bear market resistance. Meanwhile, concerns around Bitcoin consolidation being extended near $30,000 raise the possibility of a sharp downside move. As both cryptocurrencies navigate their respective paths, the crypto market is eagerly awaiting the results, eyeing for potential opportunities and risks.