Dogecoin's DOGE/USD corrective phase might seem never-ending, but a popular trader predicted Monday that the next surge was not far away.

What happened: Trader Tardigrade, known for their bullish outlook on the dog-themed cryptocurrency, noted the formation of a triangle pattern, similar to the 2017-18 bull market.

A triangle is a continuation pattern on a chart that forms a triangle-like shape. However, when the price breaks out from a symmetrical triangle, they 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.

The bullish optimism was also prevalent 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, data from Coinglass showed.

See Also: Whale Leveraged 50x Short Sees $81 Million In Paper Gains As Ethereum Plummets After Trump’s Tariff Confirmation

Why It Matters: The confidence seemingly stemmed from 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, up from 55% a day earlier.

Notably, 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. 

Price Action: At the time of writing, Dogecoin was exchanging hands at $0.1926, down 11.56% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the meme coin has dropped 38.97%.

Read Next: 

• China Working Behind Closed Doors To Create Strategic Bitcoin Reserve, Says Bitcoiner Who ‘Orange Pilled’ Trump

Photo courtesy: Shutterstock