Analyst Predicts Imminent Dogecoin Breakout Amid Massive Whale Accumulation

5 months ago 5

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Crypto analyst Kevin (formerly OG Yomi) has identified a bullish pattern in Dogecoin’s (DOGE) chart, indicating an imminent breakout. This prediction follows a significant wave of accumulation by DOGE whales, which is likely to contribute to the potential breakout.

Dogecoin Indicator Flashing Breakout Signal

In a recent post on X (formerly Twitter), Kevin noted that the two-month Bollinger Bands breakout indicator for Dogecoin suggests an imminent breakout, the first of its kind since November 2020. He also mentioned that DOGE is about to experience its first two-month Moving Average Convergence/Divergence (MACD) bullish cross since November 2020.

The 2 Month Bollinger Bands Breakout indicator on #Dogecoin is flashing a breakout ready to occur any day for the first time since November of 2020. At the same time we are about to see the first 2 Month LMACD bullish cross since guess what November of 2020. Its coming folks.… pic.twitter.com/iC4QwaeocI

— Kevin (@Kev_Capital_TA) June 3, 2024

Kevin expressed strong confidence in this upcoming breakout, suggesting its inevitability. Another crypto analyst, Kaleo, shared a similar outlook, stating in a recent X post that Dogecoin is poised for a parabolic upward move. Kaleo is so optimistic about Dogecoin that he predicts the meme coin will outperform Bitcoin in the current bull run.

Alright bros – $DOGE looks ready pic.twitter.com/xu0I50A514

— K A L E O (@CryptoKaleo) June 5, 2024

Earlier in April, Kevin made a similar prediction, suggesting that Dogecoin could outperform Bitcoin if it maintains its strength. He also previously forecasted that DOGE could rise to $3 based on historical patterns, a surge that would place the meme coin ahead of the leading cryptocurrency.

Meanwhile, DOGE’s anticipated breakout may be driven by recent purchases by Dogecoin whales. These investors have acquired over 900 million DOGE in the past week. Crypto analyst Ali Martinez recently hinted at a possible Dogecoin price surge. He noted that DOGE’s market sentiment is as bearish as it was in early February, just before a 200% price spike. Martinez believes Dogecoin could rise to $6 in the current bull run, noting that DOGE’s current price action is typical before significant bull runs.

DOGE Might Reach $10 In This Market Cycle

Crypto analyst Javon Marks has provided a more ambitious prediction, suggesting Dogecoin could rise to $10, highlighting a breakout trend that points to this price level. Interestingly, the chart he shared indicates DOGE could even reach $16. Marks referenced a breakout trend where Dogecoin’s performance has improved with each bull run, predicting that this bull run will be no different, potentially surpassing its over 20,000% rally in the 2021 bull run.

🧵 The ongoing #Dogecoin price correction is part of its usual behavior before massive bull runs! Let's dive in 👇

— Ali (@ali_charts) May 1, 2024

As of now, Dogecoin is trading around $0.16, showing a decline in the past 24 hours, according to data from CoinMarketCap.