The crypto markets are not easy to navigate and can often leave traders and investors with several questions.
Amidst the chaos, Kaleo’s analysis digs into the details of Dogecoin and Bitcoin, showing us where they might be headed. The recent market jump, from $1.09 trillion last month to an impressive $1.18 trillion three months ago, has everyone talking about altcoins and meme coins, hinting at a possible breakout rally.
Can the fun-loving Dogecoin take on the reigning champion, Bitcoin, especially if it gets approval for an ETF? Bitcoin’s dominance might just be the push smaller coins need. Let’s check out what Kaleo’s charts have to say.
Kaleo’s take on Dogecoin combines its past performance and its role in the ongoing altcoin craze. Despite Dogecoin’s modest 10% return this year, Kaleo points out its history of quick upward moves.
Kaleo predicts a big Dogecoin rally in late 2024, with daily moves between $0.90 to $1.10. But he’s cautious, doubting it’ll go beyond $0.20 in this current rally.
Read More: Bitcoin Halving Event Already Factored into Current Price, JPMorgan Says
Shifting focus to Bitcoin, the whole market takes a hit as it drops below $35,000, affecting other coins like Binance Coin, Solana, and Tron. Bitcoin’s 3% drop to $34,300, along with a 25% fall in trading volume, paints a gloomy picture. Even though the fear and greed index drops from 72 to 65, overall market vibes stay positive. Analysts expect a correction before a potential surge, eyeing a year-end target of $45,000.
Also Read: Crypto Market Outlook: Mini Altcoin Season in the Next 40 Days, But There’s A Catch.
Kaleo draws parallels between the current market and Bitcoin’s behavior after the 2020 halving. This historical comparison forms the basis for his prediction: if Bitcoin goes over $37,000 and holds steady, we might be in for a rally like the one after the 2020 halving.
Kaleo’s insights provide a forward-looking perspective on these two significant cryptocurrencies and offer valuable considerations of historical patterns and market conditions. The analysis caters to both seasoned cryptocurrency enthusiasts and those seeking a deeper understanding of potential trends in the crypto space.
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