Dogecoin, Signs of a Crazy Rally Emerge... 'Déjà vu of 29,000% Rally from 2017 on the Chart'

▲ Dogecoin (DOGE)

An analysis suggests that Dogecoin (DOGE) is once again forming a structure similar to the beginning of a past mega bull market. By reclaiming key support levels and forming familiar consolidation patterns, some analysts have noted the possibility that Dogecoin is preparing for another strong breakout.

NewsBTC reported on May 23 (local time), citing an analysis by cryptocurrency analyst Trader Tardigrade, that Dogecoin has recovered a key support level after a fake breakdown. Trader Tardigrade explained that the movement of the price falling below an important support level and then quickly recovering is a structure that appeared just before past major Dogecoin rallies.

Dogecoin previously showed the same pattern twice, followed by explosive surges. In 2017, after breaking support and then recovering, it recorded a 29,000% rally, and in 2020, a 16,000% surge followed nearly the same movement. As Dogecoin's chart has once again defended and reclaimed the same key support area, it is evaluated that a structure similar to the foundation preceding the largest past memecoin bull market has formed.

However, NewsBTC stated that past patterns do not guarantee future performance. Nevertheless, the recurring structure of support recovery after a fake breakdown has been cited as one of the most notable signals in Dogecoin's history. As Dogecoin creates the same pattern again, expectations are growing regarding whether a new growth cycle has begun.

Analyst Nehal also pointed out that Dogecoin's current price movement is similar to the structure observed after the August 2024 low. At that time, Dogecoin recorded four consecutive weeks of strong weekly bullish candles, followed by two weeks of red correction, and then began a major breakout rally. This time, after recording four consecutive weeks of weekly gains since the February 2026 low, it is currently going through its second weekly correction period.

Nehal presented two favorable scenarios for Dogecoin. One is that this week ends in red near the opening price and then resumes an upward trend, or it immediately turns green and accelerates its upward momentum faster than expected. Both scenarios emphasize the sustainability of upward momentum. The article also mentioned that as Dogecoin recreates a recovery structure similar to past bull markets, initial market FOMO is re-emerging.

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