Analyst Viaquant has said that the Dogecoin price has formed a “perfect market structure.” This is bullish for the main meme currency as the analyst revealed that DOGE is about to enter a parabolic phase.
What next for the Dogecoin price after ‘perfect market structure’
Viaquant revealed in a TradingView post that the Dogecoin price had formed the perfect market structure. He further explained that after the perfect rejection at the 0.618 around $0.18, DOGE had retested the level that was necessary, with that old resistance level it now seems likely to become a support level.
Additionally, Viaquant noted that a level of massive support is building between $0.138 and $0.15. He added that upon confirmation, Dogecoin price is likely to see a break from the $0.18 resistance level, followed by a break above 0.786 to $0.20. Once that happens, the analyst predicts Dogecoin will enjoy a push to the top Fibonacci level at $0.23.
The analyst further stated that the Dogecoin price could enter its parabolic phase once it breaks the Fibonacci level at $0.23. Crypto analyst Ali Martinez recently too mentioned that a break above the $0.169 resistance level would trigger a Dogecoin rally towards $0.209. Crypto analyst Crypto Daily also confirmed that the next price breakout will take DOGE above $0.20.
A break above $0.20 is significant as it would put less selling pressure on the Dogecoin price, with the next critical resistance level around $0.31 where 784,850 addresses bought 14.84 billion DOGE. Therefore, this could easily herald the Dogecoin bull run as Viaquant predicted.
DOGE is “strategically positioned”
Crypto analyst Master Kenobi stated in an X-post that Dogecoin is the most strategically positioned crypto. He went on to list reasons why he holds such a view. First of all, he noticed that Elon Musk’s The Department of Government Efficiency (DOGE) proposal could indirectly impact DOGE’s image and the Dogecoin price.
Secondly, he stated that the integration of DOGE payments into the X platform could become a reality by 2025. He believes this would have an immediate and significant impact on the Dogecoin price.
Master Kenobi is also confident that Musk will make bold moves in this bull market with regard to how he markets Dogecoin alongside his DOGE unit. The analyst added that it could take the form of a DOGE sticker on the SpaceX rocket, which he said could literally send the meme coin to the moon.
The analyst said the meme coin story is probably the strongest in this bull run, so he predicts the Dogecoin price could reach a market cap of $250 to $300 billion. Finally, he said that Dogecoin’s current market cap is comparable to Bitcoin’s in 2017, although he claimed that the meme coin had a stronger community and more influential brand than BTC at the time.
At the time of writing, the Dogecoin price is trading around $0.15, down in the past 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com