Dogecoin Poised To Soar Past $0.10 After Finding 'Spot For A Bounce', Says Analyst

A pseudonymous analyst on Sunday predicted that Dogecoin (CRYPTO: DOGE) is gaining bullish momentum.

What Happened: Kaleo told his 570,000 followers on Twitter that DOGE will soar past the ten-cent mark.

At the time of writing, DOGE was trading at $0.078.

This comes at a time when lawyers representing Elon Musk have filed a motion in a Manhattan federal court to dismiss a lawsuit that alleges Twitter Chief was operating a pyramid scheme to prop up Dogecoin. 

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According to Reuters, the lawyers argued in a legal filing late Friday that the lawsuit brought by Dogecoin investors consists of “fanciful fiction” that is built on Musk’s “innocuous and often silly tweets” about the meme coin. After the filing, DOGE's price reached to $0.80 on Saturday morning.

Kaleo believes $0.085 is an excellent entry point for a rebound in DOGE.

Read More: Bitcoin, Ethereum, Dogecoin Slide As Investors Await Jobs Data: Apex Crypto May Go Below $25k ‘One Last Time’ If This Happens, Says Analyst