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Dog-themed cryptocurrency Dogecoin (DOGE) has surged by nearly 25% in the last 24 hours, reaching intraday highs of $0.4807 in Saturday's trading session.

Dogecoin hit its highest price this year, as altcoins see massive gains as Bitcoin approaches the $100,000 milestone.

In a recent tweet, Ali Martinez, a crypto analyst, shared his bullish outlook on Dogecoin saying, "Dogecoin DOGE is in the middle of a bullish breakout to $0.82."

Ali shared a chart of Dogecoin, indicating a triangle pattern with a potential breakout target of $0.82.

This prediction has fueled further optimism about the potential for DOGE to reach new all-time highs. At current levels, Dogecoin would need to increase by nearly 42% to reach the $0.82 target.

A surge to $0.82 would imply Dogecoin surpassing its previous all-time high of $0.7376 reached May 8, 2021. At the time of writing, Dogecoin was up 23% in the last 24 hours to $0.475, but down 36.11% from its all-time high of $0.737.

Dogecoin has nevertheless achieved significant increases in the week and month, with CoinGecko data indicating that it has increased by 27% and 245% in the last seven and thirty days.

Dogecoin surges on market optimism

Dogecoin has been rising over the last three days, with today's increase being the highest. Dogecoin rose from lows of $0.4 to highs of $0.48, a level not seen since May 2021, producing a giant green candle in today's trading session.

The dog coin's run had earlier stalled following its ascent to highs of $0.439, but DOGE began to rise again from lows of $0.369 on Nov. 21.

The upward-sloping moving averages and the RSI in the overbought zone signal a buyer edge. If bulls push the price above $0.48, Dogecoin might rise to $0.50, then $0.59. A further upward rise might approach the current all-time highs of $0.73 and $0.82.

In the event of declines, immediate support is envisaged around $0.33 ahead of $0.29 and $0.25.