Dogecoin is currently trading at $0.169, continuing its pullback after it reached $0.19 in late April. However, price action over the last few days still shows some strength compared to the crash to $0.14 in early April. Despite this bit of hesitation in rally, the meme coin is building a structure that could be foundational for a larger move ahead. According to the chart shared by crypto analyst MasterAnanda, the ongoing consolidation may actually be a prelude to a significant breakout reminiscent of Dogecoin’s explosive rallies in prior cycles.
Dogecoin Chart Pattern Hints At Repeat Of Previous Bullish Phase
The core of MasterAnanda’s analysis lies in a repeating structure of three labeled lows on the Dogecoin daily candlestick timeframe chart. These lows are labelled (1), (2), and (3) and appear on both the left and right sides of the chart, as seen in the chart below. On the left side, these three lows developed between July and October 2024, each representing a stage of price corrections. The current pattern on the right side follows a strikingly similar trajectory, with the same labels denoting recent market lows in the ongoing 2025 price structure.
The formation of a higher low at point (3) in September 2024 led to a major bullish impulse that took Dogecoin towards the $0.50 level. According to the analyst, Dogecoin is now mirroring that same setup, where the current (3) low is also forming a higher low relative to (2).
Furthermore, a descending wedge pattern that spanned the February to April period has already been broken. However, although the $0.145 support zone has held firmly three times over the last two months, there’s a possibility it could be retested again around the third low.
Analyst Says Buy Aggressively And Hold Through Retracements
Based on this analysis, it is possible that Dogecoin retests the zone at $0.145 again to complete the formation of the third low before rebounding upwards. However, MasterAnanda’s advice is anything but conservative. In his TradingView post, he noted that this is not a time to sell Dogecoin. Instead, he called for a panic buy, insisting that Dogecoin is entering the strongest growth phase since the 2021 bull market. He urged readers to remove stop-loss orders and treat any short-term dip as a rare buying opportunity. If you can’t buy more, just hold.
The last of such formation in 2024 led to a 380% break to a multi-year high of $0.48. Should the same pattern play out again, a similar rally from $0.145 would project a price near $0.70, effectively bringing Dogecoin back to its all-time high range. While MasterAnanda did not explicitly call for such an extreme target, he did identify a move above $0.40 as the minimum expectation based on the current setup.
At the time of writing, Dogecoin is trading at $0.1695.
Featured image from Getty Images, chart from Tradingview.com
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