Dogecoin (CRYPTO: DOGE) is back in the spotlight as its price begins to show some strength after a period of consolidation.

After bouncing off support earlier in the week, the meme coin gradually moved higher, reaching as high as $0.25 before pulling back. At the time of writing, on May 24, it’s trading at $0.228. This level shows that buyers are still trying to keep the momentum alive, despite facing some resistance at the moment.

Analysts at Bitcoinsensus, on May 23, pointed to a series of bull flags that have been shaping the cryptocurrency’s path over the last two years. These patterns, seen multiple times, have led to strong price spikes following short-term dips.

In September 2023, the first major bull flag formed. Dogecoin slid inside a downward channel, then broke out in November. That move sent the price soaring by 90%. A similar structure took shape again in February 2024, with the breakout arriving in March and bringing a 215% rally.

A third breakout came later in March and continued into October. After months of slow decline, the price broke above the pattern again in November, spiking upward by 440%. These recurring patterns are not subtle, and the fourth flag seems to be unfolding in a similar way.

Chart History Suggests New Highs Possible

This latest flag began forming in early 2025 and lasted into May. According to Bitcoinsensus, who shared a chart of the pattern, Dogecoin didn’t just push out of the flag—it came back, tested the upper edge of the pattern, held support, and began rising once more.

This kind of retest is viewed by traders as a sign of strength and possible confirmation that a rally is underway. If this new move mirrors past breakouts, the price could move up to $0.95. That would represent a 560% gain from its recent low.

Another analyst known as CobraVanguard pointed to a different chart pattern that also shows bullish signs. In April, he flagged a “cup and handle” setup on Dogecoin’s monthly chart. The cup part began with the coin’s rise toward $0.80, followed by a slow, rounded fall that ended in the first half of 2022. After bottoming at $0.0468, the price moved up again.

The upward move from $0.0468 led to an increase of about 733%, hitting roughly $0.41546—marked as the AB leg of the pattern. Then came a pullback, creating the handle structure. If the pattern completes as expected, the next wave could push Dogecoin up to $0.880.

Dogecoin ETF Hopes Add to Bullish Outlook

Outside of chart patterns, interest is also growing because of developments on the ETF front. Nasdaq has submitted a filing to the SEC to launch a 21Shares (NYSE:21SE) Dogecoin ETF. This fund would hold actual Dogecoin, with Coinbase (NASDAQ:COIN) assigned to keep the assets safe. The value would directly track the real DOGE market price.

Grayscale is also pursuing regulatory approval from the SEC for its own proposed Dogecoin ETF. Neither has received the green light yet, but the applications themselves are boosting sentiment. Many believe approval could push Dogecoin beyond $0.50.

Dogecoin's recent activity is attracting traders who believe past behavior might repeat. While the charts and ETF filings don't guarantee a rally, they provide enough evidence for many to believe the price could rise sharply again—possibly as high as $0.95.