The Dogecoin price is once again in the spotlight, as new reports show it mirroring a familiar chart pattern that has historically preceded major breakouts. Analysts have identified this recurring setup, raising speculation that another upward move could be on the horizon for the popular meme coin.
Dogecoin Price Mirrors Historic Breakout Setup
A Pseudonymous crypto analyst, known as ‘Batman,’ revealed in a recent X (formerly Twitter) post that Dogecoin is currently forming a distinct pattern, closely resembling setups that preceded previous price breakouts. Based on the 4-hour chart analysis, DOGE has established a strong support level around the $0.175 mark. This zone has now been held twice, forming a recognizable double-top pattern—a formation often viewed as a potential bullish reversal signal.
The chart highlights a projected staircase-like rally, marked by upward thrusts followed by smaller corrective movements. Precisely, Dogecoin is anticipated to undergo a four-wave move, suggesting an initial breakout before a subsequent bullish continuation to higher resistance levels.
The price is expected to climb toward the $0.2039 target, marking the first resistance level in its bullish trajectory. After reaching this point, a brief pullback is predicted to follow before a stronger rally pushes the price toward the $0.25425 level, which represents the steepest portion of the projected rally. Despite these fluctuations, Dogecoin’s overall bullish structure will remain intact, with the analyst’s chart suggesting that each rally will be followed by a healthy consolidation before the next leg up.
Notably, Batman notes that this current chart setup closely mirrors a familiar market behavior observed in Dogecoin’s past price action, where a sharp breakout and a rapid upward move to new highs followed an extended period of sideways trading. With the same bullish pattern now unfolding once more, the analyst now has more reason to believe that Dogecoin may be on the verge of another explosive run. The trajectory of the four-wave pattern in the chart also shows DOGE skyrocketing past $0.26 once its price rebounds from its Wave 4 retracement.
DOGE ETF And Whale Activity To Fuel Hype
Beyond Batman’s chart, the analyst reveals that broader market sentiment and widespread speculative developments are already aligning with this bullish technical pattern to fuel a potential breakout in the Dogecoin price. While the technical analysis highlights a familiar pattern that has historically preceded major DOGE rallies, this time, the emergence of the setup comes amid increased whale accumulation and growing optimism surrounding the meme coin’s potential integration into Elon Musk’s X payment platform.
Although these developments have not been factored into the chart, Batman suggests that they contribute to the bullish narrative surrounding Dogecoin and could serve as potential catalysts for a breakout. Additionally, with the recent crypto ETF filings boosting overall market sentiment, Dogecoin appears to be benefiting from both technical and speculative momentum.
