Crypto analyst Kevin, previously known as OG Yomi, has identified an optimistic pattern on the Dogecoin (DOGE) chart, signaling an imminent breakout. This projection comes in the wake of recent significant accumulation of DOGE by whales, potentially paving the way for the anticipated breakout.

Indicator Suggests Dogecoin Breakout Imminent

Kevin highlighted on X (formerly Twitter) that the Bollinger Bands breakout indicator for two months on Dogecoin indicates an imminent breakout, marking the first such occurrence for the leading meme coin since November 2020. Additionally, he noted that DOGE is on the verge of experiencing the first two-month Moving Average Convergence/Divergence (MACD) bullish cross since November 2020.

Kevin expressed strong confidence in the inevitability of this impending breakout. Similarly, crypto analyst Kaleo echoed this sentiment, suggesting in a recent X post that Dogecoin appears poised for a parabolic upward move. In fact, Kaleo is so bullish on Dogecoin that he anticipates the meme coin will outshine Bitcoin in this current bullish trend.

Kevin had previously made a comparable prediction back in April, suggesting that Dogecoin could outperform Bitcoin in this market cycle if it continues to demonstrate resilience. He had also earlier forecasted a potential surge for DOGE to as high as $3 based on historical trends, a surge that would likely position the meme coin ahead of the flagship cryptocurrency.

Meanwhile, the anticipated breakout for DOGE could be triggered by recent substantial purchases made by Dogecoin whales, who have acquired over 900 million DOGE in the past week alone. Crypto analyst Ali Martinez recently hinted at a potential skyrocketing of Dogecoin's price, indicating that the market sentiment for DOGE resembles the bearish sentiment observed in early February, just before its price soared by 200%. Martinez even suggested that Dogecoin could surge to as high as $6 during this bullish phase, noting that the current subdued price action of DOGE is typical before major bullish movements.

Even more bullish is the forecast from crypto analyst Javon Marks, who envisions Dogecoin reaching $10, with his chart indicating a possible surge to as high as $16. Marks points to the consistent upward trend in Dogecoin's performance in successive bullish cycles, suggesting that this forthcoming bull run will likely surpass the over 20,000% rally witnessed by DOGE during the 2021 bull run.

As of the time of writing, Dogecoin is trading around $0.16, experiencing a slight decline over the past 24 hours, according to data from CoinMarketCap.