Crypto analyst TradingShot has predicted that the Dogecoin price could soon record a bullish breakout.

Crypto analyst TradingShot has predicted that the Dogecoin price could soon record a bullish breakout. The analyst also revealed that the foremost meme coin could make a new all-time high (ATH) as it targets a rally past the current ATH of $0.73.

Dogecoin Price Eyes Bullish Breakout To New ATH

In a TradingView post, TradingShot revealed that the Dogecoin price is eyeing a bullish breakout to a new ATH. He noted that DOGE broke above the Lower Highs trend line that started two months ago on the January 18 high. His accompanying chart showed that the target is $0.8 as the meme coin rallies to the upside.

(Image Credit: TradingShot/TradingView)

The analyst stated that the natural resistance for the Dogecoin price remains technically the 1-day MA50 at around $0.3. However, with the 1-day RSI already trending upwards and the price rebounding from the recent low at the bottom of the 1-year Channel up, the analyst claimed that the new bullish leg has already started.

He asserted that the Dogecoin price can top the Channel Up and make a higher high at $0.8 if it simply repeats the previous bullish leg. He expects this rally to be more parabolic than the previous one because, during bull cycles, every rally is generally more “aggressive” than the previous one.

Ahead of this projected Dogecoin price rally, DOGE whales have been actively accumulating as many coins as possible as they look to position themselves. Crypto analyst Ali Martinez revealed that these whales have accumulated over 200 million DOGE in the past two weeks, showing strong confidence despite recent volatility. This provides a bullish outlook for the foremost meme coin, considering that the accumulation period usually precedes a price surge.

The analyst noted that the whales appear to be accumulating at an average price of around $0.17, which is about a 60% discount from the all-time high of $0.73 that DOGE reached in December 2021.

Dogecoin Finalizing Last Stage Of Cycle 3

In an X post, crypto analyst Trader Tardigrade stated that the Dogecoin price is finalizing the last stage of cycle 3. His accompanying chart showed that the foremost meme coin could rally to as high as $6 when this move occurs.

This prediction looks to be based on DOGE’s price action in the previous bull cycles, in which it recorded massive gains.

In another post, the analyst again provided a bullish outlook for the Dogecoin price. He stated that DOGE’s Moving Average Convergence Divergence (MACD) is emerging from a triangle consolidation. The analyst added that this could lead to a massive pump for the foremost meme coin.

His accompanying chart showed that the Dogecoin price could rally to the much-anticipated $1 level by June. Crypto analyst Master Kenobi also predicted that DOGE could reach $1.1 by June.

At the time of writing, the Dogecoin price is trading at around $0.19, up over 4% in the last 24 hours, according to data from CoinMarketCap.