Dogecoin price surged more than 5% over the past 24 hours to reach $0.186 on March 25, hitting its strongest level in nearly two weeks. The memecoin reached an intraday high of $0.189.

Dogecoin price is now up over 5% over the past 24 hoursso far on March 25.

Attention is turning towards the growing likelihood of spot Dogecoin exchange-traded funds (ETFs) in the United States. Data from the crypto prediction platform Polymarket shows the probability of an ETF launch by the end of 2025 increasing to 72% from just 27% at the beginning of the year.

The total altcoin market cap (TOTAL2) rose by 1.60% over the last 24 hours to reach $1.08 trillion on March 25. In contrast, Bitcoin's market cap saw a slight decrease of 0.61% during the same period.

This trend indicates that traders are shifting funds from Bitcoin to altcoins, with DOGE being one of the main beneficiaries. The shift appears to be driven by easing trade war concerns, as U.S. President Donald Trump signaled on March 24 that trading partners could receive exemptions or reductions in tariffs.

Dogecoin price action: Is a major breakout coming?

According to X user Krisspax, Dogecoin could be following a familiar price pattern from 2017, setting the stage for a significant breakout.

As his analysis, originally presented by @TATrader_Alan, shows, two distinct cycles of Dogecoin price are unfolding. The first cycle, from 2014 to 2018, involved a prolonged period of consolidation before a breakout above $0.0017, followed by a rapid surge in price.

The current cycle, which began in 2021 and is set to continue until 2025, seems to be forming a similar structure. After reaching its peak in early 2021, Dogecoin entered a multi-year correction and is now forming a rounded base just below a key resistance level at $0.29—a classic bullish formation.

"Dogecoin continues to trade in a similar pattern to 2017," Krisspax stated in his post. "If the second large breakout of this cycle happens, we could see $DOGE up well over its previous all-time high."

As the chart above suggests, if Dogecoin manages to break out above the $0.29 resistance, it could enter a parabolic rally. Some potential price targets to keep in mind include $1.70, $2.60, and a high as $4.00.