The crypto market is enjoying bullish momentum this week, but all eyes are on the meme coin sector as prices surge.
Industry-leading meme coin Dogecoin has outperformed other top 10 cryptocurrencies today, priced at $0.17 and up 4.2%. Will this momentum continue and enable DOGE to reach $1 in 2024?
Analyst Says Dogecoin Is Primed For Breakout
A leading crypto trader has analyzed Dogecoin’s fundamental and technical outlook, concluding that it could reach $1 this year.
Kaleo, who famously predicted the bear market bottom in 2023, is a vocal proponent of Dogecoin and anticipates a breakout to occur imminently.
Through multiple analyses, Kaleo has deduced that DOGE will reach $1 in 2024.
Recently, the analyst has presented two important Dogecoin theses that both attest to its high potential.
The first was Kaleo suggesting that the recent GameStop pump signals that “retail has shifted back to being risk-on.”
By risk-on, Kaleo refers to investors dialling up their exposure to higher-risk assets like meme coins.
He dubbed Dogecoin the “King of memes” and speculated that “as soon as it starts to catch a bit of a bid, it will move vertically once again.”
And in another tweet, Kaleo analyzed Dogecoin’s price against Bitcoin’s.
He noted that DOGE is trading below a descending trend line resistance but anticipates an explosive breakout and upswing.
Currently, 1 DOGE is worth 0.00000241 BTC, but the analyst expects this to increase to $0.000007 in the coming months.
While this represents a 3x growth, it’s worth noting that Dogecoin’s price against the U.S. Dollar could grow significantly more. That’s because Kaleo predicts that Bitcoin’s price will also rise, thereby expediting Dogecoin’s gains.
Adding to the excitement, other prominent analysts like Wizz have also suggested that Dogecoin will reach $1 this cycle.
With that in mind, the current outlook for Dogecoin is highly bullish. This also reflects the unwavering optimism pumping throughout the meme coin sector.
Another project displaying potential is WienerAI, a new AI-meme coin cross-breed currently undergoing a presale.
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