Dogecoin (DOGE/USD) Corrective Phase Might Seem Never-Ending

Trader Tardigrade, known for their bullish outlook on the dog-themed cryptocurrency, noted the formation of a triangle pattern

Trader Tardigrade, known for their bullish outlook on Dogecoin's DOGE/USD corrective phase might seem never-ending, but a popular trader predicted Monday that the next surge was not far away.

A triangle is a continuation pattern on a chart that forms a triangle-like shape. When the price breaks out from a symmetrical triangle, they usually move in the direction of the initial move before the triangle formed.

In the current example, Trader Tardigrade expected Dogecoin to break to the upside and follow the previous bull cycle.

#Dogecoin is forming a Triangle just before the next Surge 🔥$Doge seems to copy the previous cycle

Their bullish optimism was also evident in the Dogecoin futures market, as over 80% of the traders on Binance were positioned long on the world's largest meme coin by market capitalization, according to data from Coinglass.

The confidence in the meme coin's bullish run was further fueled by a higher probability of a Dogecoin exchange-traded fund approval this year. The odds on the Polygon POL/USD-based prediction market, Polymarket, surged to 67% as of this writing, compared to 55% a day earlier.

NYSE Arca, a New York Stock Exchange subsidiary, submitted a 19b-4 application on Monday, seeking approval to list shares of the ETF proposed by Bitwise Asset Management. The filing of the 19b-4 document was the second step in the process, following the submission of S-1 documents by Bitwise in January.

Dogecoin price action: At the time of writing, Dogecoin was exchanging hands at $0.1926, down 11.56% over the last 24 hours, according to data from Benzinga Pro. YTD, the meme coin has dropped 38.97%.