Dogecoin price has slipped back toward $0.17 after briefly testing $0.19 last month, but some analysts believe the meme coin may be gearing up for something bigger.

Though price movement has cooled off recently, technical watchers argue that the current pullback is part of a much broader setup that could resemble one of DOGE’s historic breakouts.

According to crypto strategist MasterAnanda, the current structure forming on Dogecoin’s chart is closely tracking a pattern last seen ahead of its surge to nearly $0.50 in late 2024. His analysis highlights a repeating three-wave low formation - a rhythm of corrections that, in the past, acted as the launchpad for explosive price action.

The recent price structure appears to be echoing that earlier setup, with each dip forming a higher low. The analyst points out that the $0.145 zone, which has now acted as support on multiple occasions, may be tested once more before momentum flips bullish again.

A falling wedge pattern that spanned from February through April has already been broken to the upside - another sign that buyers may be regaining control. While a brief return to the $0.145 level is possible, MasterAnanda sees that as a final shakeout rather than a breakdown.

His outlook is aggressively optimistic. In a TradingView post, MasterAnanda urged traders to treat any retracement as a golden opportunity, calling for what he described as a “panic buy” zone. His view? Dogecoin is entering its strongest bullish phase since 2021. He even suggested sidelining stop-losses entirely and hold through any turbulence.

While not committing to a specific target, the analyst hinted at a move toward $0.40 or higher as a likely scenario. If the previous cycle repeats itself, some believe a breakout beyond $0.60 could be within reach - a level not seen since Dogecoin’s all-time highs.

As always, such projections rely heavily on technical patterns holding firm - but for now, Dogecoin appears to be building the foundation for another bold move.