Dogecoin’s down 3.44% to $0.222 today, but the charts suggest something big might be coming. Despite the drop, technical patterns point to a potential rally that could push DOGE to $0.37.

The key is how DOGE performs against Bitcoin. Usually it just follows BTC, but sometimes it breaks free. Right now looks like one of those moments.

Dogecoin founder Shibetoshi Nakamoto recently joked about Bitcoin sellers on X, making fun of traders who bought BTC at $5,000 but sold too early. With Bitcoin up over 20x since then, that hurts.

The DOGE/BTC chart tells the story. Back in mid-June, this ratio hit a four-year low when Bitcoin pumped but DOGE didn’t. Then starting June 23, DOGE climbed from $0.15 to $0.27, and the ratio started rising.

All these moves created a “double bottom” pattern with strong support at 0.0000145. DOGE has tested resistance at 0.00000248 twice and failed, but if it breaks through, the next target is 0.00000426.

Here’s why it matters: between October-November 2024, the ratio jumped 191% and DOGE price exploded 350%. If DOGE matches the current 71% signal, we get that $0.37 target.

CoinGape reported that macro factors have been hurting Dogecoin lately, which could slow any rally. But when people sell Bitcoin, they often rotate into altcoins like DOGE.

With altcoin season talk heating up, this rotation could accelerate. Historically, these periods have been great for meme coins.

So despite today’s drop, the technical setup suggests DOGE might be ready for something big. That $0.37 target isn’t wishful thinking – it’s based on proven patterns. Whether DOGE can break resistance remains to be seen, but the pieces are in place.