Well-followed crypto market watcher "Trader Tardigrade" is contending that Dogecoin may be ready to kick off a new surge.

Specifically, the meme coin has been battered by broader uncertainty driven by macroeconomic and inflation concerns.

This saw the meme coin fall over 70% in the past 3 months from a high of $0.48434 to trade as low as $0.14280. However, one analyst has suggested that Dogecoin has now flashed a key reversal signal.

A Dogecoin Weekly Doji

The analyst, who posts on X under the handle Trader Tardigrade, suggested that Dogecoin may be ready to kick off a new surge.

This was disclosed on Monday, March 17 as the analyst pointed to a doji candle on the meme coin's weekly candlestick chart.

A doji is a candlestick formed when a candle's opening and closing prices are virtually at the same level. It typically suggests that neither buyers nor sellers were able to prevail within that time frame.

On its own, it is a neutral pattern, but when put in a larger context, it can suggest a shift in an a trend, as it could suggest that the previously dominant market plays are losing conviction.

This doji formed on the Dogecoin chart last week as the meme coin opened the week at $0.16810 and closed at $0.16817 after weeks of selling.

However, Trader Tardigrade suggested this could indicate a price reversal as a similar doji preceded Dogecoin's 240% run in Q4 2024.

A DOGE Rally to $1?

This DOGE rally, if it occurs, could take the meme coin near a long-desired yet elusive price milestone: the $1 price point. At least, that is what Trader Tardigrade's chart suggests.

The analyst set a price target of around $0.95, which would be reached if Dogecoin continues to trade in the same ascending channel that has been forming since 2023.

Nonetheless, at the time of writing, DOGE is trading at $0.1730, representing an over 3% loss on the day.