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Dogecoin

Analyst Says Dogecoin Ready To See A Breakout Massive Whale Accumulation

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Crypto CEO Reveals The Factors That Will Drive XRP Price To $10,000

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
Source: X

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
Source: X

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. 

Related Reading: Ripple CEO Reveals When Investors Should Expect An XRP ETF To Be Approved

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
DOGE bears vie for control | Source: DOGEUSDT on Tradingview.com

 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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