- Dogecoin bounced from support and reached $0.25 before pulling back to $0.228 by May 24.
- Historical bull flags led to gains of 90%, 215%, and 440%; current setup suggests $0.95.
- ETF filings by Nasdaq and Grayscale have boosted sentiment, hinting at potential price surge.
Dogecoin is gaining attention again as its price starts to build strength. After bouncing from support early in the week, the meme coin moved up, reaching as high as $0.25 before pulling back. As of May 24, it’s trading at $0.228. This level shows that buyers are still trying to keep the momentum alive, despite facing some resistance.
Analysts at Bitcoinsensus, on May 23, pointed to a series of bull flags shaping the cryptocurrency’s path over the last two years. These patterns, seen multiple times, have led to strong price spikes following short-term dips.
In September 2023, the first major bull flag formed. Dogecoin slid inside a downward channel, then broke out in November. That move sent the price soaring by 90%. A similar structure took shape again in February 2024, with the breakout arriving in March and bringing a 215% rally.
A third breakout came later in March and continued into October. After months of slow decline, the price broke above the pattern again in November, spiking upward by 440%. These recurring patterns are not subtle, and the fourth flag seems to be unfolding in a Similar way.
Chart History Suggests New Highs Possible
This latest flag began forming in early 2025 and lasted into May. According to Bitcoinsensus shared chart, Dogecoin didn’t just push out of the flag—it came back, tested the upper edge of the pattern, held support, and began rising once more.
This kind of retest is viewed by traders as a sign of strength and possible confirmation that a rally is underway. If this new move mirrors past breakouts, the price could move up to $0.95. That would represent a 560% gain from its recent low.
Another analyst known as CobraVanguard has pointed to a different chart pattern that also shows bullish signs. In April, he flagged a “cup and handle” setup on Dogecoin’s monthly chart. The cup part began with the coin’s rise toward $0.80, followed by a slow, rounded fall that ended in the first half of 2022. After bottoming at $0.0468, the price moved up again.
The upward move from $0.0468 led to an increase of about 733%, hitting roughly $0.41546—marked as the AB leg of the pattern. Then came a pullback, creating the handle structure. If the pattern completes as expected, the next wave could push Dogecoin up to $0.880.
Dogecoin ETF Hopes Add to Bullish Outlook
Outside of chart patterns, interest is also growing because of developments on the ETF front. Nasdaq has submitted a filing to the SEC seeking approval to launch a 21Shares Dogecoin ETF. This fund would hold actual Dogecoin, with Coinbase in charge of keeping the assets safe. The value would track the real DOGE market price.
Grayscale is also pursuing regulatory approval from the SEC for its own proposed Dogecoin ETF. Neither has received the green light yet, but talk of ETFs alone is lifting sentiment. Many believe approval could push Dogecoin beyond $0.50.
Dogecoin’s recent activity is drawing in traders who believe past behavior might repeat again. While the charts and ETF filings don’t guarantee a rally, they offer enough evidence for many to think the price could rise sharply again—possibly as high as $0.95.
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