Analyst Viaquant said the value of Dogecoin has created a ‘perfect market structure.’ This is bullish for premium meme coin as the analyst pointed out that DOGE seems to be entering a parabolic phase.
What’s Next for Dogecoin Price Following ‘Total Market Structure’
Viaquant revealed in a TradingView post that Dogecoin’s price is forming a perfect market structure. He also explained that after the total rejection at 0.618 around $0.18, DOGE repeated the level it needed, in that old way. resistance level now it looks like it will be a support level.
In addition, Viaquant noted that a major support level was formed between $0.138 and $0.15. He added that when it is confirmed, the price of Dogecoin will probably see a break of the resistance level of $ 0.18 followed by a break above 0.786 at $ 0.20. If that happens, the analyst predicts that Dogecoin will enjoy a push higher Fibonacci level at $0.23.
The analyst further stated that the price of Dogecoin could enter its parabolic phase if it breaks the Fibonacci level at $0.23. Crypto analyst Ali Martinez recently too it means that a break above the resistance level of $0.169 will trigger a Dogecoin rally to $0.209. The Crypto Daily analyst also confirmed that the next price increase will send DOGE above $0.20.
A break above $0.20 is important as it can put a little selling pressure on the price of Dogecoin, with the next critical resistance level around $0.31, where 784,850 addresses bought 14.84 billion DOGE. Therefore, this could easily usher in a Dogecoin bull run, as Viaquant predicted.
DOGE “Standing Well”
Crypto analyst Master Kenobi said in an X post that Dogecoin is a very well placed crypto. He went on to list the reasons why he had such an opinion. First, he noted that Elon Musk The proposal of the Department of Government Efficiency (DOGE) may indirectly affect the image of DOGE and the price of Dogecoin.
Second, he said that the consolidation of DOGE payments in X platform it could become a reality by 2025. He believes that this will have an immediate and significant impact on the price of Dogecoin.
Master Kenobi he is also confident that Musk will make bold moves in this bull market about how he is doing Dogecoin outside of his DOGE department. The analyst added that it could be in the form of a DOGE sticker on a SpaceX rocket, which he said could literally send a meme coin to the moon.
The analyst said that the narrative of the meme character is probably the most powerful in this bull run, so he predicts that the price of Dogecoin can reach $ 250 to $ 300 of the market price. Finally, he said that Dogecoin’s current market cap is similar to Bitcoin in 2017, although he said that the meme coin had a stronger community and a stronger product than BTC at the time.
At the time of writing, the price of Dogecoin is trading at around $0.15, down from the last 24 hours, according to the report. data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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