Dogecoin’s Chart Mirrors 2017 and 2021 Trends — Is a Parabolic Rally Next?

Dogecoin’s price action is flashing familiar signals—echoing patterns from its 2017 and 2021 bull runs. Traders are buzzing: could history repeat?

The memecoin’s recent consolidation looks eerily similar to setups that preceded past moonshots. But with crypto’s knack for rug-pulls, even the most bullish chartists are keeping one hand on their sell buttons.

Wall Street analysts would call this ’technical analysis’—retail traders just call it ’hopium.’ Either way, DOGE holders are strapping in.

• Dogecoin trades near $0.228 and approaches the upper line of a wedge pattern.
• Similar wedge formations in 2014–2016 and 2018–2020 led to big price jumps.
• Traders expect a breakout soon, with some predicting Dogecoin could reach $1.

Dogecoin is once again drawing attention as technical signals on its weekly chart suggest a familiar pattern might be forming. A crypto analyst known as “Surf” recently posted an update on X, pointing to a potential breakout setup that looks similar to earlier ones that sent the coin surging in the past.

For context, the coin’s long-term chart shows a falling wedge that formed between 2014 and 2016, setting the stage for a surge in 2017. A second wedge followed from 2018 to 2020, leading to the historic run in 2021. Now, with a third wedge forming, hopes are rising that history might be gearing up to repeat.

With Dogecoin trading at around $0.228, the price is sitting near the upper boundary of the wedge. According to past trends, breaking that upper line could lead to a strong upward move.

Market watchers are talking about the coin potentially hitting $1, a level many in the community have long hoped for. Responding to Surf’s analysis, one user said there’s “not much work left to be done before [Dogecoin] takes off.” Another X user, Mark, commented, “$1 is a magnet,” with Surf replying in full agreement. 

Trader DK64Trades added more fuel to the bullish fire. He pointed out a key signal — whenever dogecoin crosses above the 200 moving average on higher time frames, a strong rally usually follows. This, he believes, could push the coin beyond the $1 level during this cycle.

Dogecoin Bearish Signals Hint at Correction

At the same time, some warning signs remain. As of now, Dogecoin is priced at $0.228 and has shown a string of Doji candles over the past four days. These usually signal indecision in the market. It continues to hold above a $0.20 support level, with the 200-day Exponential Moving Average acting as another support at $0.2178.

However, a double top pattern — often a bearish signal — has formed around the $0.25 supply zone and a resistance trendline stretching back to December. If Doge closes below the neckline of this pattern at $0.2145, it could fall further, possibly revisiting the May low of $0.1667.

Adding to that pressure, the MACD indicator has moved beneath its signal line. That, along with bearish histograms, suggests sellers may have the upper hand for now. The Relative Strength Index has also dropped to 57, signaling fading strength among buyers.

If DOGE breaks above its current trendline, though, attention could shift to the $0.30 level. That mark has acted as both a support and resistance point in the past and might be a key target if momentum flips.

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