A widely followed cryptocurrency analyst identified on Wednesday a bullish reversal pattern for Dogecoin (CRYPTO: DOGE) similar to the one that preceded massive memecoin rallies previously.

Will History Repeat?

Ali Martinez took to X, highlighting a fractal pattern on Dogecoin’s monthly chart that mirrored the previous two bull cycles. The setup delivered over 9,000% gains for DOGE in the 2017-18 cycle and a staggering 30,693% in 2021-22.

“Once you see this Dogecoin fractal, you can’t unsee it,” Martinez said, suggesting a similar explosive rally to $10, though without giving a specific timeline.

Where’s The Volume?

Fractals are reversal patterns usually composed of five bars or candles on a price chart. A bullish fractal is formed when there is a low point flanked by two lower bars on either side.

X user Noble critiqued the analysis, calling it “cool” but unproven without volume data.

Buy Or Sell?

The Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a "Sell" signal for DOGE, according to TradingView.

Additionally, the 10-day, 30-day, 50-day and 100-day moving averages all indicated a bearish reading.

To the contrary, the Moving Average Convergence Divergence indicator, which compares the 12-period and the 26-period exponential moving averages, flashed a “Buy” signal.

Meanwhile, Dogecoin’s official X account quoted a video of the ice hockey team HC Sierre’s victory in the Swiss League. The team, sponsored by House of Doge, prominently features DOGE logos on jerseys and helmets.

“Imagine losing to a dog meme,” the official X handle made a cheeky remark.

Price Action: At the time of writing, DOGE was exchanging hands at $0.09446, down 5.88% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Akif CUBUK on Shutterstock.com