Popular dog-themed meme coin, Dogecoin, may have witnessed a bearish performance

Despite witnessing a bearish performance in the last few days, Dogecoin (DOGE) may have already set the stage for a potential price

Popular dog-themed meme coin, Dogecoin (CRYPTO: DOGE), may have seen some bearish price action in the last few days, but this waning price is benefitting its price dynamics. Technical developments show that the current pullback is a signal of an impending major rally in DOGE’s price.

Dogecoin Could Be Set For A Major Rise

After a period of bullish performance, Dogecoin’s price has experienced a retracement, leading to a correction or consolidation phase. However, recent analysis from Trader Tardigrade, a crypto analyst and investor, indicates that this correction phase is about to come to an end, and an rally is just around the corner.

In the analysis shared on X, formerly Twitter, Trader Tardigrade noted that DOGE is preparing for a major rise as a key technical pattern emerges on the daily chart, a typical sign of a possible uptrend. The meme-inspired cryptocurrency is currently consolidating within this key structure, which is usually associated with trend continuation after a rest from recent highs.

Specifically, the meme coin has formed a Channel Pullback. Combining this technical formation with stable support levels and increasing market sentiment, it is possible that DOGE could be setting up for a significant move higher in the upcoming days.

Specifically, the channel pullback was previously spotted in late April and early May. After a breakout from the pattern, Dogecoin experienced a notable surge from $0.17 to $0.25 in less than a week. With the structure reappearing, the expert sees the breakout, which he believes is inevitable, sparking a similar upward trend.

Should the breakout mirror the previous scenario, Trader Tardigrade predicts a surge from current price levels to the $0.265 mark. Also, DOGE’s recovery of this level with strong buying pressure might act as a launchpad to a continued rally toward higher targets.

Dogecoin’s bullish signal extends beyond the 1-day chart. In another post, Trader Tardigrade highlighted a growing momentum in the 3-day time frame, which increases the potential for a rebound.

Following his examination of the 3-day chart, the expert found an Expanding Triangle formation, a key reversal pattern after a widening consolidation phase. Given that the market is slowly becoming positive, a breakout from the pattern is expected to cause a rally to $0.275 and beyond.

A Remarkable Price Growth For DOGE Incoming

A view of a much larger time frame shows that DOGE’s price is headed for a new all-time high before the ongoing cycle concludes. Trader Tardigrade has underlined the reappearance of a bullish structure that triggered a massive bullish move for the meme coin on the 6-month time frame.

During the 2017 and 2021 cycles, this macro pattern kicked-started DOGE’s final rally all the way to its peak in each cycle. While the structure has now returned, Trader Tardigrade foresees a similar spike that could lead to a cycle top for Dogecoin. The expert chart reveals that the meme coin might reach a top from the $6 level and above.