Dogecoin (DOGE) is poised to reach a new record high in the current cycle, as indicated by a well-known cryptocurrency analyst and trader.

Using the pseudonym Kaleo, the analyst is confident that Dogecoin is following a similar price pattern and could surge by a significant 706% to 1,512% from its current level. Kaleo, who has a substantial following of 642,600 on X, predicts that Dogecoin is part of a meme coin supercycle and could reach $1 to $2 in the near future.

Despite the potential for a significant increase, Kaleo also suggests that Dogecoin may experience a temporary decrease of up to 35% before rallying. He anticipates a possible drop to the $0.08 – $0.10 range before climbing back up, following a similar pattern to previous price movements.

The analyst’s bullish outlook on Dogecoin stems from the coin’s historical price action, which has shown significant surges after periods of consolidation. Despite being considered boring by some, Dogecoin has experienced massive gains in the past, with notable spikes of around 6,000% and 30,000% in previous years.

At the time of writing, Dogecoin is trading at $0.124. Investors are advised to stay informed and exercise caution when investing in high-risk assets like Bitcoin and cryptocurrency. The Daily Hodl, where this information was sourced from, does not provide investment advice and recommends thorough research before making any financial decisions in the crypto space.