Dogecoin (CRYPTO: DOGE) price action has caught the attention of traders as they spot a familiar pattern that could lead to further gains.

What Happened: Trader Tardigrade took to X, formerly Twitter, to share a chart highlighting what he calls "Dogecoin Super Cycle 2."

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According to Tardigrade, DOGE is currently at a key accumulation phase, which reminds him of the period leading up to the cryptocurrency’s 2021 rally.

Drawing parallels to the 2014-2018 macro pattern, Tardigrade believes the current structure on the chart implies substantial upside in the coming months.

"This is still early, but we're seeing interesting setups across the board," said Ben at BitcoinSensus in a recent post.

According to him, DOGE has broken out of a falling wedge, a bullish continuation pattern, and is now consolidating inside a bull flag. The next technical target is $0.305, based on the measured move from the wedge breakout.

Similarly, Bluntz Capital remains bullish, noting a classic inverse head and shoulders pattern with strong breakout volume.

The ongoing pullback, he said, is healthy and could set the stage for further upside.

Dogecoin Liquidations Hit $13.4 Million In Past 24 Hours: Coinglass data shows that cryptocurrency liquidations in the past 24 hours totaled $13.4 million, with long liquidations amounting to $10.7 million.

The majority of liquidations, at $2.98 million, occurred on Huobi, while Binance saw liquidations of $1.54 million.

The price of Dogecoin showed a slight decline of 0.23% over the past 24 hours, trading at $0.694 at press time.