This setup caught the attention of a technical analyst on X known as EᴛʜᴇʀNᴀꜱʏᴏɴᴀL, who pointed out that the same pattern that preceded Dogecoin’s 36,000% breakout in 2021 has now resurfaced.
Another important observation highlighted by the analyst is that each historical breakout was preceded by what is referred to as the NGMI (Not Gonna Make It) phase. This is typically when Dogecoin is trading sideways or dipping slightly after breaking out of its multi-month falling trendline.
As it stands, Dogecoin’s monthly price pattern is now back to trading around this downward trendline, which it broke above in late 2024. The latest candlestick wick, which was created with Dogecoin’s recent fall to $0.18, saw it touching this trendline again very briefly.
At the time of writing, Dogecoin is trading at $0.201, down by 5.2% and 23% in the past 24 hours and seven days, respectively.
