Trader Tardigrade has identified a "Doge Circle" chart structure that could see more upsides for Dogecoin.

In a recent analysis, Trader Tardigrade highlighted that Dogecoin has closely followed this bullish price action in the previous cycles and expects a similar practice soon. If this comes to fruition, it could see the meme coin finally breach the $1 valuation.

Notably, the meme coin would have to sustainably retain bullish traction for this run. Dogecoin recently rebounded extensively, surging over 14% to around $0.2061 on March 26. However, the asset has since stalled, retracing 12% from the weekly high after facing rejection from a key resistance at $0.21.

Doge Circle Suggests New Highs

In his March 27 analysis, Trader Tardigrade stated that Dogecoin's macro chart has a circular structure, which he branded the "Doge Circle." Notably, the shape is perfectly fitted on previous cycles, dictating major supports and peaks for the 2017 and 2021 bull runs.

The market watcher highlighted that Dogecoin has rebounded extensively whenever it touched the circle's lower circumference, which has been a crucial support. This bullish action dates back to early 2015, when DOGE rebounded at around $0.0001, and in April 2017, when the asset surged from $0.0004 to $0.0041 in the first cycle.

In the second cycle, DOGE bounced at $0.0012 in March and $0.0024 in November 2020 after touching the circle's lower perimeter, pumping to the token's current all-time high of $0.7488. Most recently, the asset's November 2024 rally to $0.4846 stemmed from the same support, and the analyst expects similar price action soon.

Meanwhile, the meme coin hit the Doge Circle's support with its recent dump to $0.1432. Although Dogecoin has recovered 26% from the low, Trader Tardigrade expects a far higher rally. Specifically, his chart shows a potential 4,259% rally to $8, a new all-time high for DOGE.

Other Bullish Dogecoin Outlook

Trader Tardigrade's analysis is one of the several bullish outlooks for the largest meme coin by market cap. For instance, market watcher Kamran Asghar predicted an over 2,852% surge to $6, citing historical price performance.

Moreover, top analyst Javon Marks asserted that Dogecoin is prepping for a massive rally to unprecedented highs, citing the asset's strong backing and purpose. Specifically, he projected an over 12x surge to $2.28.

In the meantime, DOGE trades at $0.1822, down 5% in the past 24 hours.