Bitcoin News Today: Dogecoin Rallies 23% in Week, Eyes 200% Gain as Bullish Pattern Emerges

Dogecoin (DOGE) is showing signs of a potential bullish rally, as indicated by a fractal pattern on its long-term chart. The cryptocurrency market has seen a slight cool down over the weekend after a strong week, with Ethereum (ETH) leading the broader uptrend, up 19% in the past week and trading near $3,550. This bullish energy has spilled over into major memecoins, with DOGE rallying 23% over the past seven days, bringing its 30-day gains to an impressive 43%.

According to fresh analysis by chartist MAX, the DOGE/BTC weekly chart is displaying a descending resistance trendline convergence and forming a base along horizontal support. This pattern is almost identical to the setup seen before DOGE’s historic surge in early 2021. Currently, DOGE is trading around 0.00000205 BTC, consolidating near support after multiple retests of the descending trendline. In 2021, a similar structure led to a dramatic breakout, where DOGE/BTC surged several-fold once it cleared resistance.

Adding to the bullish case, the Meme Coin Index (MEME.C) on the lower panel of the chart shows steady consolidation between the 1.0 baseline and 1.618 Fibonacci level. This suggests that capital rotation into memecoins could soon accelerate, just as it did ahead of DOGE’s previous parabolic move. If history repeats, a decisive breakout above the descending trendline on the DOGE/BTC chart could trigger a strong move toward prior cycle highs. This could potentially revisit its previous all-time high of $0.74, representing a gain of over 200% from current levels around $0.24. Should momentum persist, DOGE could then aim for a potential new all-time high above $1, marking the next milestone in this fractal-driven projection.