Dogecoin (DOGE), the largest meme coin by market capitalization, may be setting up for a rally of more than 700% after a bullish Morning Doji Star formation appeared on its monthly price chart, according to crypto analyst Trader Tardigrade, even as the token continues to trade below $0.18.

What Happened: Monthly Chart Signal

Trader Tardigrade pointed to the emergence of a Morning Doji Star on the Dogecoin monthly chart — a candlestick pattern widely regarded as a precursor to bullish reversals.

The same formation last appeared on the DOGE monthly chart in 2023. That signal preceded a rally of more than 400%, eventually pushing the price as high as $0.48 before momentum faded.

This time, the analyst projects a move exceeding 700%, which would place DOGE on a path toward $0.7 and a potential retest of its all-time highs. However, the pattern's historical behavior suggests the price may first drop toward $0.08 before establishing a bottom.

Also Read: Zerohash Files For National Trust Bank Charter With OCC

Why It Matters: Precedent for Recovery

The Morning Doji Star carries weight because of what followed in 2023 — a sustained, multi-month rally that delivered significant returns despite never reaching a new all-time high. If the pattern plays out similarly, it would mark one of the largest percentage moves in Dogecoin's recent history.

The broader context matters too. Bitcoin (BTC) continues to dictate the trajectory of altcoins and meme tokens alike, meaning any DOGE recovery would likely depend on sustained strength in the wider crypto market.

Read Next: Bitget Pursues TradFi-Crypto Convergence With Platform Overhaul