• DOGE’s potential rally depends on Bitcoin’s 2024 movement.
  • In the short term, market players expect Dogecoin to retrace from its recent gains.

Ranked as the ninth most valuable cryptocurrency, Dogecoin’s [DOGE] price has gained over 9% in the last seven days. This increase made it the second-best performer out of the top meme coins in the market as Pepe [PEPE] had a slightly better performance.

However, playing second fiddle at the time of writing does not mean DOGE would continue to do so. This opinion was evident in Crypto Kaleo’s post on X (formerly Twitter).

According to Kaleo, who is an analyst, DOGE was trading around the same price it was before it began a tremendous rally during the bull market of 2021.

Due to this, Kaleo opined that it could be time to keep an eye on the Dogecoin trend. At press time, the price of DOGE was $0.07. The analyst’s opinion led AMBCrypto assess the coin’s performance in 2021.

Back at the starting point

From our evaluation, DOGE exchanged hands around $0.07 in March 2021. Two months later, the coin was trading at $0.55. This move was paramount to its 13,506% all-time increase.

In another post, Kaleo noted that DOGE would begin to move higher in the $0.10 direction in the short term.

He, however, mentioned that a rise to $0.20 would depend on the Higher Time Frame (HTF) resistance. For context, an HTF indicates critical price levels to recognize support or resistance areas that could trigger a specific trend.

AMB-Crypto

AMB-Crypto

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