• Analyst Viaquant says Dogecoin price has formed a ‘perfect market structure’
• Dogecoin is expected to enter a parabolic phase after breaking the 0.23 Fibonacci level
• Crypto analyst Master Kenobi states Dogecoin is the most strategically positioned crypto due to factors like Elon Musk’s potential promotion and integration into Twitter
Analyst Viaquant believes the Dogecoin price has formed an ideal market structure that could lead to a parabolic bull run. He points to key support levels that need to hold and resistance levels that need to break for the rally to occur.
What the Perfect Market Structure Means for Dogecoin
According to Viaquant, Dogecoin saw a perfect rejection at the 0.618 level around $0.18. After retesting the level and turning it into support, Dogecoin has built massive support between $0.138 and $0.15.
Upon breaking above the $0.18 resistance, Viaquant expects Dogecoin to break the 0.786 level at $0.20 next. This will likely trigger a push to the top Fibonacci level around $0.23. Breaking this critical level could mark the start of a parabolic phase.
Other analysts like Ali Martinez and Crypto Daily have pointed to the $0.169 and $0.20 levels as key breakout points that would confirm the start of a major Dogecoin rally.
The Path to $250-$300 Billion Market Cap
Getting above $0.20 would ease selling pressure, with the next major resistance not appearing until around $0.31. This is a critical level where huge buy orders exist.
Combined with Dogecoin’s strong community and brand, analysts see scope for the market cap to reach $250-$300 billion. This would represent a massive increase from the current $15 billion market cap.
Conclusion
Dogecoin’s technical setup combined with influential backers like Elon Musk has analysts extremely bullish. If key resistance levels can be broken, Dogecoin looks poised to go parabolic and significantly grow its market cap. The next few weeks will be pivotal in determining if the perfect structure translates into a major breakout.
