Analyst Viaquant has said that the Dogecoin price has formed a 'perfect market structure.' This is bullish for the foremost meme coin as the analyst revealed that DOGE looks set to enter into a parabolic phase.
What Next For The Dogecoin Price Following 'Perfect Market Structure'
Viaquant revealed in a TradingView post that the Dogecoin price had formed the picture-perfect market structure. He further explained that after the perfect rejection at the 0.618 around $0.18, DOGE had retested the level that it needed to, with that old resistance level now looking likely to become a support level.
Furthermore, Viaquant noted that a level of massive support is being built between $0.138 and $0.15. He added that upon confirmation, the Dogecoin price will likely see a break of the $0.18 resistance level followed by a break above the 0.786 at $0.20. Once that happens, the analyst predicts that 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 also recently mentioned that a break above the $0.169 resistance level would spark a Dogecoin rally to $0.209. Crypto analyst Crypto Daily also confirmed that the next price breakout will send 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 at around $0.31, where 784,850 addresses bought 14.84 billion DOGE. Therefore, this could easily usher in 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 further to list reasons why he holds such an opinion. First, he noticed that Elon Musk's 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 that this would immediately and significantly impact the Dogecoin price.
Master Kenobi is also confident that Musk will make bold moves in this bull market regarding how he shills Dogecoin besides his DOGE department. The analyst added that it could be in the form of a DOGE sticker on the SpaceX rocket, which he said could literally send the same coin to the moon.
The analyst mentioned that the meme coin narrative is likely the strongest in this bull run, so he predicts that the Dogecoin price can reach a $250 to $300 billion market cap. Finally, he said that Dogecoin's current market cap is similar to Bitcoin's in 2017, although he claimed that the meme coin has a stronger community and more influential brand than BTC at that time.
At the time of writing, the Dogecoin price is trading at around $0.15, down in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
