Dogecoin Down 1% But This Pattern Signals A Breakout Is Imminent

Dogecoin DOGE/USD is catching traders' attention again as its current price action closely resembles a major historical pattern that led to explosive gains in the past.

Trader Notes: Trader Tardigrade dubbed this setup "Dogecoin Super Cycle 2," suggesting DOGE is at a key accumulation phase similar to the lead-up before its massive 2021 rally.

Drawing parallels to the 2014–2018 macro pattern, Tardigrade believes the current structure implies substantial upside in the coming months.

According to Bitcoinsensus, DOGE has already broken out of a falling wedge, a bullish continuation pattern, and is now consolidating within a bull flag. The next technical target is $0.305, based on the measured move from the wedge breakout.

Similarly, Bluntz Capital remains bullish, noting a classic inverse head and shoulders pattern with strong breakout volume.

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The ongoing pullback, he said, is healthy and could set the stage for further upside.

Statistics: Coinglass data shows Dogecoin liquidations in the past 24 hours stands at $13.4 million with long liquidations of $10.7 million. Open interest spiked to $3.03 billion.

Community News: In a recent post, 21Shares highlighted Dogecoin's cultural relevance, noting it "captures the spirit of the internet—from powering payments to supporting global causes."

The 21Shares Dogecoin ETP currently manages $2.15 million in assets, with a NAV of $7.66 as of May 14. The fund has returned 53.3% YTD, with a 2.2% daily gain.

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