Dogecoin (DOGE) could be on the verge of a significant rise, with some analysts forecasting it might reach $1.1 by early June. Currently trading at $0.1722, this leading meme coin by market cap is exhibiting patterns similar to the 2017 bull run, generating optimism among traders.
### When DOGE?
On March 17, crypto analyst Master Kenobi highlighted notable resemblances between DOGE’s current price movement and its 2017 cycle. Their analysis indicates that the meme coin experienced two equal value and duration pumps during that bull market. By applying this structure to the current chart, they predict a potential peak of $1.1 in the early weeks of June. Although not certain, the pattern suggests a bullish path, especially since DOGE has recently hit its 200-day moving average, identified as a crucial support level by observers.
Another expert, DOGECAPITAL, supports this view, noting that historically, Dogecoin tends to reverse upwards after hitting a key support line every four years. They suggest this cycle is following the same pattern, potentially leading to the next phase of growth.
Meanwhile, Trader Tardigrade pointed out a key reversal signal for DOGE to his 73,000 followers on X. The recent weekly candle for the token closed as a Doji, a pattern often associated with trend changes. The last occurrence of this signal preceded a massive rally.
### Market Conditions and ETF Hopes Fuel Optimism
Despite a 38% drop over the past month, bullish indicators are emerging for Dogecoin. Recently, renowned crypto analyst Ali Martinez reported that whale investors had accumulated over 1.4 billion DOGE in just 24 hours, reducing supply and potentially paving the way for a price recovery.
Excitement is further fueled by the prospect of a spot Dogecoin ETF. Major investment firms like Grayscale and Bitwise have submitted applications, with Bloomberg experts estimating a 75% chance of such a product being approved by the SEC. Approval could simplify access to the meme coin, likely increasing its demand and price.
Currently, DOGE is trading at $0.1722, marking a 2.1% decline in the last 24 hours. Over the past year, it remains 19.5% higher, although a 0.8% weekly dip indicates slight underperformance compared to the broader crypto market, which fell by 0.70% in the same period.
— Master Kenobi (@btc_MasterPlan) March 17, 2025
