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. 

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.