- Analyst KALEO shared that he is very bullish on PEPE and DOGE in his latest meme coin analysis.
- According to the analyst, PEPE’s market cap may soon climb above $1 billion.
- Meanwhile, DOGE continued to trade above a negative trend line on its daily chart.
The cryptocurrency trader and analyst KALEO shared his latest take on Pepe (PEPE) and Dogecoin (DOGE) in a YouTube video uploaded yesterday. In the analysis, he highlighted that both meme coins broke out of bearish trend lines on their daily charts. Subsequently, the analyst is very bullish on both DOGE and PEPE for this week.
Since the analysis was uploaded, DOGE’s price had broken back below the negative trend line that had formed on its daily chart. Nevertheless, KALEO speculated that it will be a good idea to accumulate DOGE as long as its price remains above $0.07. Furthermore, technical indicators suggested that momentum was still in favor of bulls at press time.
The 9-day EMA line was positioned above the 20-day EMA line, and both of these technical indicators were positioned above the 50-day EMA line as well. This indicated that short-term and medium-term momentum for DOGE was positive, and suggested that its price may rise in the next couple of days.
KALEO predicted this slight correction in his analysis as well, and mentioned that this pullback would be ideal. According to the analyst, this correction may be temporary before DOGE’s price moves another leg up. A potential early sign of this coming bullish move may be when DOGE closes a daily candle above the 9-day EMA line at $0.07536.
With regards to PEPE, KALEO shared that he is extremely bullish on the meme coin after it also broke above the negative trend line on its daily chart. However, PEPE was able to remain above this trend line at press time — something that DOGE was not able to accomplish on its chart.
As a result of the meme coin’s positive movement over the past couple of days, the analyst optimistically anticipated a 17X return for PEPE holders over the next couple of months. Meanwhile, on the shorter time horizon, KALEO predicted that PEPE’s market cap may rise back above the $1 billion threshold and potentially set a new all-time high (ATH).
At press time, CoinMarketCap indicated that PEPE’s market cap stood at $554,408,716 after its price rose 5.07% over the past 24 hours. DOGE, on the other hand, saw its price drop 1.68%. Consequently, the leading meme coin was changing hands at $0.07498.
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