Analyst Viaquant said Dogecoin’s price formed a “perfect market structure.” This is bullish for Above all is a meme coin The analyst also revealed that DOGE appears ready to enter a parabolic phase.
What’s next for Dogecoin price after “perfect market structure”
Viaquant revealed in a post on TradingView that the price of Dogecoin has formed the perfect market structure. He further explained that after the complete rejection at 0.618 at $0.18, DOGE retested the level it needed to, with that old level. Resistance level It now looks likely to become a support level.
Furthermore, Viaquant noted that a massive support level is being built between $0.138 and $0.15. He added that upon confirmation, Dogecoin price is likely to see a break of the $0.18 resistance level followed by a break above 0.786 at $0.20. Once this happens, the analyst predicts that Dogecoin will enjoy a push to the top Fibonacci level at $0.23.
The analyst also stated that Dogecoin price could enter its parabolic phase once it breaks the Fibonacci level at $0.23. Cryptographic analyzer Ali Martinez also recently It was stated that a break above the $0.169 resistance level would send Dogecoin rising to $0.209. Cryptocurrency analyst Crypto Daily also confirmed that the next price breakout will send DOGE above $0.20.
A break above $0.20 is important as it will put less selling pressure on 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 lead to a bullish Dogecoin, as Viaquant predicted.
DOGE “is strategically located”
Cryptocurrency analyst Master Kenobi stated in an X post that Dogecoin is the most strategically placed cryptocurrency. He went further to mention the reasons that led him to this opinion. First, he pointed this out Elon Musk The Department of Government Efficiency (DOGE) proposal could indirectly affect the image of DOGE and the price of Dogecoin.
Second, he mentioned that integrating DOGE payments into X platform It could become a reality by 2025. He believes that this will immediately and significantly impact the price of Dogecoin.
Master Kenobi He is also confident that Musk will make bold moves in this bull market in terms of how he promotes Dogecoin alongside his DOGE division. The analyst added that it could be in the form of a DOGE sticker on a SpaceX rocket, which he said could literally send the meme to the moon.
The analyst stated that the meme coin narrative is likely the strongest in this uptrend, so he expects Dogecoin to reach a market cap of $250-$300 billion. Finally, he said that Dogecoin’s current market capitalization is similar to that of Bitcoin in 2017, though he claimed that the meme had a stronger community and more influential branding than BTC at the time.
At the time of writing, Dogecoin is trading at around $0.15, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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