Is DOGE About to Reach $1? The Repeating Pattern Signals a Historic Price Rise

The weekly chart of Dogecoin shows a repeating pattern of smaller bullish phases followed by larger bullish phases. This formation has drawn attention as analysts suggest that the current setup could lead to a major bullish phase, potentially pushing DOGE up to the $1 mark. The meme coin is currently trading at $0.1741 and has recently seen an increase in both trading volume and whale accumulation. Formation of Round Bottom Pattern on Weekly Chart According to the analysis prepared by Trader Tardigrade on X, Dogecoin has formed a circular bottom pattern since December 2024. This pattern is known as a bullish reversal signal that usually precedes a strong bullish move. If DOGE breaks the neckline resistance at $0.23, the price could rise 84% to $0.44.

Technical indicators are also supporting this breakout potential. The Money Flow Index (MFI), which measures buying and selling pressure, has crossed above 50. This volatility typically indicates that inflows are increasing and shows that buying pressure is intensifying. However, the Average Directional Index (ADX) is trending downwards, which may limit the upward momentum in the short term and could cause sideways trading.

A observation by Master Ananda on TradingView also notes that Dogecoin is testing important Fibonacci retracement levels. DOGE has dropped below the 0.618 support level at $0.178 and is currently heading towards the 0.786 level at $0.158. If the price drops further, the support level at $0.13 may play a crucial role, as it has previously held firm during past corrections. The Accumulation of Whales and the Growth of Volume Supporting a Bullish Setup According to data from Santiment, whales holding between 10 million and 100 million DOGE have added 320 million tokens in the past week. These addresses now control an all-time high of 24.98 billion DOGE. This accumulation indicates strong investor confidence despite the broader market correction.

Dogecoin is also trading near a key resistance level of $0.213. According to More Crypto Online, this area coincides with the 100% Fibonacci extension, which is often a key point to determine whether the bullish trend can continue. If DOGE surpasses this level with high volume, it could signal the start of a stronger uptrend.