Dogecoin price structure remains bullish as the meme coin index climbing upward
Dogecoin, the popular memecoin, is currently facing a significant hurdle at $0.28, but analysts remain optimistic about its potential upside. The next target for Dogecoin is set at $0.34, according to market experts.
The bullish sentiment surrounding Dogecoin is supported by its market structure. In fact, a breakout in the memecoin market capitalization index could serve as a strong confirmation of further upside for DOGE. The memecoin market capitalization is currently approaching historic breakout levels, which stand at around $80 billion.
Interestingly, Tesla, the electric vehicle company, has recently accumulated over 500 million Dogecoins in its reserves. This accumulation could support the Dogecoin market by increasing demand and signaling confidence in the cryptocurrency.
Meanwhile, the S&P 500 has surged due to Nvidia's bet on Intel. However, the current focus remains on the memecoin market. The memecoin market capitalization previously acted as resistance in May 2021 and September 2021, leading to sharp rejections. But the current consolidation under resistance in Dogecoin's price is a constructive sign, indicating accumulation before a potential breakout.
If the memecoin market capitalization index manages to close above $80 billion, the probability of acceleration toward $120 billion increases significantly. This bullish outlook is further supported by sustained bullish inflows observed in Dogecoin's volume profile.
In conclusion, while Dogecoin faces a hurdle at $0.28, the overall market structure remains bullish. The accumulation by Tesla, the approaching historic breakout levels in the memecoin market capitalization, and the constructive consolidation under resistance in Dogecoin's price all point towards a potential breakout and upside for Dogecoin.
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