Dogecoin (CRYPTO: DOGE) price is flashing the same bullish signal it did in mid-2024, which preceded a staggering 280% rally for the meme coin over a few months. If history rhymes and this bullish signal triggers an uptrend for the largest meme coin, it could explode to $0.50.

Dogecoin price today is $0.18, up 4% in the last 24 hours. For it to surge to $0.50, it would have to record an over 170% price gain, and analysts believe that this rally is plausible.

Dogecoin Price Eyes $0.50 As It Flashes 2024 Bull Signal

Dogecoin price is following the same trend that it did in mid-2024, according to analyst Kamran Asghar on X. The analyst noted that at the time, DOGE formed a bullish divergence, whereby the price dropped as the RSI rose. This formation usually suggests that the selling pressure is weak, and buyers might soon regain control of the trend and push the prices higher.

"Another interesting observation: Dogecoin price is now at the same level as it was mid-2024, where it formed a bullish divergence after which it went 280% in a 3-4 month period. Could be a good entry point if you're a fan of the meme coin," Asghar added.

Dogecoin price has created another bullish divergence after the price tanked earlier this month, but the RSI failed to create a new low. This might suggest that the ongoing selling activity that has pushed this top meme coin lower is weak, and that buying pressure might surge again. Kamran anticipates that the price could surge to as high as $0.50.

"The RSI is making a higher low as the price drops to a lower low, which is a classic bullish divergence setup. We've seen this play out before in mid-2024, where Dogecoin went on a 280% rally after the divergence on the 3-4 month time frame."

Meanwhile, another analyst dubbed Dynamite trader on X has supported this Dogecoin price forecast, and also anticipates that this meme coin is on the verge of a bull run. This analyst also identified several bullish divergences on the daily price chart that occurred whenever the 1-day moving average (MA) crossed above the 1-week MA.

"We've got MA bullish crossover with a divergence on the lower time frame, which is a strong indicator of a price increase. Every time this pattern occurred, we saw a rally in Dogecoin price."

This technical analysis might interest fans of the meme coin, especially after the recent price crash that saw Dogecoin price drop by over 50% from its recent highs of over $1.