Dogecoin (DOGE) might be gearing up for a huge surge, with some analysts predicting it could go to $1.1 by early June.

The largest meme coin by market cap is currently trading at $0.1722 and has shown patterns reminiscent of a 2017 bull run, sparking optimism among traders.

When DOGE?

On March 17, crypto analyst Master Kenobi pointed out striking similarities between DOGE’s current price movement and its 2017 cycle. According to their analysis, the meme coin experienced two equal pumps in that bull market, both in terms of value and duration.

WHEN DOGE?

The current pattern on the DOGE chart rhymes very well with the 2017 pattern. The bull market back then consisted of two roughly equal pumps, both in terms of value and duration. I’ve marked them on the chart on the left with two yellow, equal, and parallel lines… pic.twitter.com/Qra9wDan1o

By replicating that structure on the present chart, they projected a potential peak at $1.1 in the first weeks of June. While not guaranteed, the pattern suggests a bullish trajectory, especially after DOGE recently touched its 200-day moving average, which observers have stated is a key support level.

Another expert, DOGECAPITAL, echoed this sentiment, noting that historically, after every fourth year, Dogecoin reverses upwards after touching a key support line. In their opinion, this cycle seems to be following the same setup, with a bounce likely to trigger the next phase of an upward surge.

Meanwhile, Trader Tardigrade highlighted a key reversal signal for DOGE to his 73,000 followers on X. The token’s recent weekly candle closed as a Doji, a pattern often linked to trend shifts. According to him, the last time it flashed this signal was before a massive rally.

Market Conditions and ETF Hopes Fuel Optimism

Despite a 38% decline over the past month, bullish signals are emerging for Dogecoin. Recently, popular crypto analyst Ali Martinez noted that whale investors had accumulated more than 1.4 billion DOGE in a 24-hour period, reducing supply and potentially setting the stage for a price recovery.

Adding to the excitement is the possibility of a spot Dogecoin ETF. Major investment firms like Grayscale and Bitwise have filed applications, with Bloomberg experts James Seyffart and Eric Balchunas suggesting the chances of such a product being approved by the Securities and Exchange Commission (SEC) stands at about 75%. A green light from the regulator would simplify access to the meme coin, likely boosting its demand and price.

At the time of writing, DOGE was trading at $0.1722, a 2.1% drop in the last 24 hours. While it is still in the green over 12 months, being 19.5% higher than it was a year ago, a slight 0.8% dip across the week means it is slightly underperforming the broader crypto market which is down 0.70% in that period.