- Crypto analyst Kevin, previously known as OG Yomi, brings attention to a bullish trend emerging on the Dogecoin (DOGE) chart, suggesting a potential breakout.
- This follows a notable accumulation phase led by DOGE whales, adding to the bullish outlook.
- Kevin is confident about an imminent breakout, echoed by another analyst, Kaleo, who believes Dogecoin could outperform Bitcoin in the current market cycle.
Discover the latest indicators pointing towards a significant breakout for Dogecoin and what it means for investors.
Dogecoin Indicator Flashing Breakout Signal
In a recent post on X (formerly Twitter), Kevin highlighted that the Bollinger Bands on a two-month chart for Dogecoin are indicating a breakout, marking the first such signal since November 2020.
Additionally, Kevin noted that DOGE is approaching the first two-month Moving Average Convergence/Divergence (MACD) bullish cross since November 2020, signaling a robust potential for upward price movement.
Kaleo supports this view, suggesting that Dogecoin is primed for a parabolic move upwards. He states that this breakout could allow DOGE to outperform Bitcoin in the upcoming bull run.
Back in April, Kevin predicted that Dogecoin could outperform Bitcoin if the current trends hold. He also forecasted a potential price rise to $3 based on historical performance, further solidifying his bullish stance.
The anticipated breakout could be fueled by recent purchases by Dogecoin whales, who have acquired over 900 million DOGE in the past week. Crypto analyst Ali Martinez adds to the bullish sentiment, expecting a significant price surge soon.
Martinez points out that the market sentiment mirrors early February’s, when DOGE’s price surged by 200%. He projects that DOGE could soar to $6 in this bull run, citing the coin’s historical behavior of significant rallies post-bearish phases.
DOGE Might Reach $10 In This Market Cycle
Another bold prediction comes from crypto analyst Javon Marks, who suggests that Dogecoin could potentially hit $10. His analysis shows a breakout trend that hints at reaching, or even surpassing, $16 in the near future.
Marks bases his forecast on Dogecoin’s historical bull run patterns, believing this cycle will witness an even greater surge. He argues that this trend of increasing runs in subsequent cycles indicates a potential for DOGE to exceed its previous 20,000% rally seen in 2021.
Currently, Dogecoin trades around $0.16, reflecting a slight decrease over the last 24 hours, as reported by CoinMarketCap.
Conclusion
The insights from analysts like Kevin, Kaleo, Martinez, and Marks present a highly optimistic outlook for Dogecoin. Investors should closely monitor the indicators and whale activity that hint at a significant breakout. Whether Dogecoin will reach the ambitious targets of $6 or $10 remains to be seen, but the bullish momentum appears to be building.
