Benchmark meme token Dogecoin (DOGE) is spearheading an altcoin market bounce, clocking in gains of 114% in the last seven days.
DOGE first started moving on news that tech billionaire Elon Musk, one of Dogecoin’s most prolific supporters, had successfully taken over social media giant Twitter.
Dogecoin rallied over 137% from around $0.059 to the $0.14 level, and has held onto most of its gains, currently trading for $0.129. at time of writing.
Despite the big gains in a short time period, the pseudonymous crypto trader known as Kaleo says there’s probably still more to come.
The closely followed analyst tells his 537,000 Twitter followers that with a little patience, traders could see another sizeable leg up for DOGE.
“Have a feeling Dogecoin isn’t done yet.
Don’t expect to see the same type of move we saw this weekend immediately, but a bit of patience and should see another move higher.”
According to the popular trader, DOGE is leading the altcoin market into another “alt season,” or a period where altcoins noticeably outperform Bitcoin (BTC).
Kaleo shares a chart for Dogecoin in its Bitcoin pair (DOGE/BTC), which he says is showing massive strength.
“DOGE still looks pretty bullish to me.”
Another popular crypto analyst, pseudonymously known as Smart Contracter, is also eyeing up Dogecoin. Like Kaleo, Smart Contracter has his radar on DOGE/BTC and says it looks “crazy bullish.”
“Contemplating simply putting the rest of my BTC into DOGE for the next few months at least.
this DOGE/BTC chart most crazy bullish thing I’ve seen in a long time.
Almost a year long IHS (inverse head and shoulder) breakout that barely any people are even talking about.”
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Featured Image: Shutterstock/tunnelmotions/MrArtHit
