TLDR

• Dogecoin jumped 11% in 24 hours from $0.19 to $0.21, with trading volume hitting four times the daily average as institutional buyers entered the market.
• Crypto analyst Kaleo predicts Dogecoin could reach $6.90, based on historical patterns following Bitcoin halvings and a projection that Dogecoin could capture 10% of Bitcoin’s market cap.
• The token recently crashed from above $0.25 to as low as $0.148 in a 24-hour period during a broader crypto market correction.
• Dogecoin is currently trading around $0.1971, down 21.4% in the past day, with recovery above $0.22 being watched as a key level for continued gains.
• Technical indicators including MACD and RSI remain bullish, with support at $0.19 and resistance at $0.22 forming the current trading range.

Dogecoin experienced sharp price swings over the past week, with the meme coin seeing both a dramatic crash and a quick recovery. The token recently surged 11% in 24 hours, climbing from $0.19 to $0.21 after peaking at $0.22.

The rally occurred from October 12 at 05:00 to October 13 at 04:00. Trading volume spiked to 2.54 billion during the breakout, which is four times the daily average of 685 million.

Institutional buyers drove the recovery. Trading desks pushed the token through resistance levels as momentum indicators turned bullish.

The move followed a violent correction that saw Dogecoin plunge from above $0.25 to as low as $0.148 within 24 hours. The crash was part of a broader crypto market correction that affected prices across the sector.

At the time of current data, Dogecoin trades at $0.1971, down 21.4% in the past 24 hours. The token hit an intraday low of $0.1489 during the selloff.

Despite the recent volatility, crypto analyst Kaleo maintains a bullish outlook for Dogecoin. He posted his analysis on X, stating that $6.90 is a “magnet” for the token’s price.

Historical Pattern Analysis

Kaleo’s prediction is based on historical patterns following Bitcoin halvings. His chart shows that Dogecoin has recorded explosive gains after previous Bitcoin halving events.

The 2017 and 2021 bull runs both saw Dogecoin break out of long-term resistance lines with exponential price increases. Kaleo believes the current market phase mirrors the structure seen before the 2021 rally.

He pointed to a key moment when Dogecoin broke above a lower-high resistance from its previous all-time high. His chart indicates the market is now at a similar point.

Price Target Breakdown

Kaleo explained his $6.90 target through market cap calculations. He projects Bitcoin will surpass $500,000 this cycle, which would give it a $10 trillion market capitalization.

If Bitcoin reaches that level, the capital flowing into crypto could push Dogecoin to 10% of Bitcoin’s valuation. This ratio matched what happened during the 2021 market mania.

A $1 trillion market cap for Dogecoin would translate to $6.94 per token based on current circulating supply. Kaleo acknowledged the projection sounds bullish but stands by his market cap logic.

The recent price crash complicates this bullish narrative. Instead of confirming a breakout, Dogecoin fell below the $0.25 support level.

Recovery above $0.25 is considered important for bulls to rebuild momentum. The breakdown could represent a liquidity flush before a major reversal or signal an extended bearish structure.

Current Technical Picture

Support currently sits at $0.19, which has held through repeated tests. Resistance formed at $0.22, where multiple attempts are testing available supply.

The chart shows an ascending trendline with constructive momentum. MACD and RSI signals remain in bullish territory despite the recent selloff.

Breakout momentum hit during the 13:00 to 16:00 trading window as volumes surged. Late-session consolidation above $0.21 held gains, showing sustained momentum.

A final burst above $0.22 on 18.6 million volume confirmed continued institutional accumulation. Traders are watching whether Dogecoin can maintain a daily close above $0.22.