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Dogecoin price prediction Small

Analyst Says Dogecoin Price Has Formed ‘Perfect Market Structure,’ Here’s What Comes Next

Scott Matherson
by Scott Matherson
10 months ago
·
Posted in Altcoins, Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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. 

Related Reading: Shiba Inu Price Movements: Here’s How Many Holders Are Now In Profit/Loss After That Sharp Drop
Dogecoin price 1
Source: TradingView

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. 

Dogecoin price 2
Source: IntoTheBlock

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 remarked that Elon Musk’s Department of Government Efficiency (D.O.G.E) 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. 

Related Reading: US Election Countdown: Bitcoin Price History Suggests Post-Election Rally Ahead

Master Kenobi is also confident that Musk will make bold moves in this bull market regarding how he shills Dogecoin besides his D.O.G.E 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 meme 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. Lastly, 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. 

Dogecoin price chart from Tradingview.com
DOGE price holding $0.15 support | Source: DOGEUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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