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Crypto analyst Cryptokijker has revealed that the Dogecoin price is poised for a breakout amid massive whales’ accumulation. The analyst also revealed the price targets that DOGE could reach following this breakout.
Dogecoin Price Poised For Breakout Above $0.17
In a TradingView post, Cryptokijker predicted that the Dogecoin price is poised for a breakout above $0.1790. The analyst revealed that the targets on this potential breakout are $0.1840 and $0.1920. He noted that the price at this level is showing a neutral-bullish structure after the recent breakout above the Previous Day Low (PDL).
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The analyst also highlighted a hidden bullish divergence spotted on the Relative Strength Index (RSI), indicating strength beneath the surface. This Dogecoin price prediction comes amid a massive accumulation of DOGE by whales. He noted that smart money has been accumulating heavily within the discount zone between $0.15 and $0.16, which supports this bullish bias.
The analyst observed that the break of structure on the chart signals the start of a markup phase. He further remarked that the volume profile supports the accumulation-to-expansion transition. Meanwhile, the strong support confirmed at the $0.1760 zone aligns with previous discount accumulation, and the momentum building above the PDL suggests that the Dogecoin price could sustain this bullish momentum.
Market participants will also be watching the psychological $0.2 level for the Dogecoin price on this potential breakout. Crypto analyst Ali Martinez revealed that DOGE could rally towards its all-time high (ATH) if it can secure a monthly close above $0.20. The analyst remarked that such a breakout would signal strong bullish momentum and potentially attract increased investor interest.
It is worth mentioning that crypto analyst Master Kenobi also recently predicted that the Dogecoin price could reach a new ATH by June. He stated that the foremost meme coin could hit as high as $0.9 on the rally to a new ATH.
Other Factors That Support A DOGE Breakout
Crypto analyst Trader Tardigrade stated that a Dogecoin price breakout is expected soon, which will send the meme coin higher. This came as he noted that DOGE has been moving between different ranges, experiencing both false breakdowns and breakouts. The analyst added that the meme coin has now returned to its current range, setting the stage for a price breakout.
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In another X post, Trader Tardigrade revealed that the Dogecoin price is forming a diamond above the trendline at around $0.15. Based on this, he affirmed that things are going great for DOGE and urged market participants to wait for the next breakout.
At the time of writing, the Dogecoin price is trading at around $0.17, down over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
