Analyst Says Dogecoin Ready To See A Breakout Massive Whale Accumulation

Bitcoinist
Updated Jun 7, 2024 01:39
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Crypto analyst Kevin (Formerly OG Yomi) has highlighted a bullish pattern on the Dogecoin (DOGE) chart, which shows that a breakout is imminent. His prediction follows the recent wave of accumulation by DOGE whales, with these buys likely contributing to the potential breakout. 


Dogecoin Indicator Flashing Breakout Signal


Kevin mentioned in an X (formerly Twitter) post that the two-month Bollinger Bands breakout indicator on Dogecoin is flashing an imminent breakout, which is set to occur for the foremost meme coin for the first time since November 2020.


He added that DOGE was also about to see the first two-month Moving Average Convergence/Divergence (MACD) bullish cross since November 2020. 


Dogecoin 1

The analyst sounded confident about this imminent breakout, suggesting it was inevitable. Crypto analyst Kaleo also shared a similar sentiment, claiming in a recent X post that Dogecoin looks ready for that parabolic move to the upside. Crypto Kaleo is so bullish on Dogecoin that he predicted that the meme coin will outperform Bitcoin in this bull run. 

Dogecoin 2

Kevin had also made a similar prediction earlier in April, claiming that Dogecoin could outperform Bitcoin in this market cycle if it continues to hold up well. The analyst had also previously predicted that DOGE could rise to as high as $3 based on historical patterns. A price surge of such magnitude will almost certainly out the meme coin above the flagship crypto. 


Meanwhile, DOGE’s imminent breakout could be triggered by recent purchases made by Dogecoin whales. These investors have purchased over 900 million DOGE in the last seven days. Crypto analyst Ali Martinez also recently suggested that Dogecoin’s price might skyrocket soon enough. 


He mentioned that DOGE’s market sentiment was as bearish as it was in early February, just before its price skyrocketed by 200%. Interestingly, Martinez believes that Dogecoin could rise to as high as $6 in this bull run. He had also noted that DOGE’s current unimpressive price action was part of its “usual behavior” before massive bull runs. 


DOGE Might Reach $10 In This Market Cycle


Crypto analyst Javon Marks has offered a more ambitious price prediction than Martinez’s. He raised the possibility of Dogecoin rising to $10, highlighting a breakout trend that suggests that the meme coin may soon be on its way to this price level. Interestingly, the chart he shared showed that DOGE could even rise to as high as $16. 


Marks was referring to the breakout trend in which Dogecoin’s run has continually increased in every subsequent bull run. As such, he believes this upcoming bull run won’t be different, with DOGE surpassing its rally of over 20,000% in the 2021 bull run this time around. 


At the time of writing, Dogecoin is trading at around $0.16, down in the last 24 hours, according to data from CoinMarketCap.

Dogecoin price chart from Tradingview.com

 

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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