As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous market structures and trends that eventually proved to be pivotal for various assets. The recent development in Dogecoin (DOGE) has caught my attention due to its ‘perfect market structure.’
According to analyst Viaquant, the structure of Dogecoin‘s current market suggests it’s a favorable condition for the leading meme coin. The analyst predicts that Dogecoin could be on the verge of experiencing a steep upward trend, or what is known as a parabolic phase.
What Next For The Dogecoin Price Following ‘Perfect Market Structure’
In a recent post on TradingView, Viaquant pointed out that Dogecoin’s price had developed an ideal market structure. He continued by stating that after a clear rejection at approximately 0.618 around $0.18, DOGE subsequently tested the level it needed to and now, the previous resistance level is likely to transform into a support level.
Additionally, Viaquant mentioned that a strong foundation is being formed between approximately $0.138 and $0.15 for Dogecoin. If this support holds, it’s expected that Dogecoin will surpass the resistance at $0.18, leading to a break above the 0.786 level at $0.20. Once these milestones are achieved, Viaquant anticipates Dogecoin could potentially reach its Fibonacci level peak at around $0.23.
As a researcher delving into the realm of cryptocurrencies, I’m confidently predicting that the price of Dogecoin may surge into its parabolic phase upon surpassing the significant Fibonacci level at around $0.23. Notably, crypto analyst Ali Martinez recently emphasized that a break above the resistance at $0.169 could ignite a bullish rally for Dogecoin, potentially pushing it up to $0.209. Similarly, Crypto Daily’s analysis also suggests that the next price breakout would propel Dogecoin beyond the $0.20 mark.
If the price of Dogecoin surpasses $0.20, it would reduce selling pressure, a crucial step that might pave the way for a Dogecoin rally. The next notable resistance point is approximately $0.31, where approximately 784,850 investors collectively purchased around 14.84 billion DOGE. Consequently, this significant buying activity could potentially trigger the predicted bull run for Dogecoin according to Viaquant’s forecast.
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.
Additionally, he expressed his belief that Dogecoin payments might be incorporated into the X platform as early as 2025. He anticipates that this move could cause an immediate and substantial increase in the value of Dogecoin.
Confidently speaking about Master Kenobi, we can say he believes Elon Musk will take daring actions during this bull market related to promoting Dogecoin, in addition to his role at the D.O.G.E department. The analyst suggested that these actions might manifest as a DOGE logo on a SpaceX rocket, which could theoretically propel the meme coin to unprecedented heights.
As an analyst, I’ve stated that the meme coin narrative appears particularly robust during this bull run. Therefore, I anticipate that the price of Dogecoin could potentially surpass a market cap of $250 to $300 billion. It’s worth noting that at this moment, Dogecoin’s current market cap bears resemblance to Bitcoin‘s in 2017. However, I believe that the meme coin boasts a more powerful community and a more impactful brand than Bitcoin did in its comparable stage back then.
Currently, as I’m typing this, Dogecoin is being exchanged for approximately $0.15 per coin. Over the past day, its value has decreased, based on data from CoinMarketCap.
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2024-11-04 21:27