Dogecoin (CRYPTO: DOGE) is known for its meme-status in the cryptocurrency market. The meme coin has faced a fourth bull flag pattern, which might pave the over way for a 560 percent rally, according to Bitcoinensus.

What Happened: Dogecoin has been spotted repeating a past pattern that saw massive price surges of up to 90 percent, 215 percent, and 440 percent, each one getting bigger and this time aiming for 560 percent.

The first time this happened, the price jumped by 90 percent, catching the attention of many traders. In the second breakout, the move was even stronger, with Dogecoin rising by 215 percent, proving that the pattern was not a one-time event.

The third time, the breakout was massive, the price surged by 440 percent, showing just how powerful these repeated moves can be.

Each breakout has been bigger than the last, which is why many believe another big jump could be coming if the pattern continues.

Now, Dogecoin seems to be forming its fourth bull flag, and the signs are looking strong.

According to a chart shared by Bitcoinsensus, DOGE has once again broken out of a downward-sloping channel, just like it did before previous rallies.

The price is currently sitting around $0.24, but if the same trend continues, there’s a possibility it could climb as high as $0.95. That would be a massive 560 percent return from the current level.

Why It’s Important: While technical patterns are interesting, there’s another reason Dogecoin’s future is getting more attention — ETF news.

Recently, Nasdaq applied for an ether e-mail the SEC to approve a new 21Shares (OTC:21SEH) Dogecoin ETF. It would hold real DOGE, with Coinbase (NASDAQ:COIN) keeping the tokens secure. The ETF would follow the real DOGE price — no tricks or complex stuff.

Grayscale is also waiting for the SEC to approve its own Dogecoin ETF. Even without approval yet, DOGE is already up 48 percent this year. If these ETFs get approved, many think the price could go above $0.50.

What Next: Many traders are keeping an eye on the next move by the SEC. If it approves a Dogecoin ETF, it could open the door for a whole new wave of crypto ETFs to hit the market.

This would provide traders with even more options for investing in crypto and could lead to increased volatility in the market. Only time will tell what the SEC's decision will be and how it will impact the cryptocurrency market.

See More: Top Cryptocurrency News

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