An analyst who has earned the “Master Trader” rank at the cryptocurrency exchange Bybit believes top memecoin Dogecoin (DOGE) is poised for more rallies.
Pseudonymous analyst Bluntz tells his 291,000 followers on social media platform X that Dogecoin appears to have completed an ABC correction wave against Bitcoin (DOGE/BTC).
The trader applies Elliott Wave theory, which states that after an “ABC” correction, a bullish asset tends to witness a five-wave upward move.
Says Bluntz,
“DOGE/BTC looked good again, sweeping the A-wave lows and it looks like a clear ABC down move has now been completed.
I’ve been waiting for this to cool down to start posting bull posts again and I think the time has come.”
Looking at the trader’s chart, he seems to predict that DOGE/BTC will rise to a high of 0.000008 BTC ($0.73). At the time of writing, DOGE is trading at $0.365.
As for Bitcoin itself, the analyst believes that BTC has started a new five-wave surge in the lower time frame, targeting $100,000.
“So far so good.”
At the time of writing, Bitcoin is trading at $90,227.
As for the memecoin Pepe (PEPE), Bluntz says the altcoin is likely on its way to $0.00003.
“Don’t let the magical PEPE twists fade away.”
At the time of writing, PEPE is worth $0.0000214.
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Generated image: Midjourney
Shutterstock/MrArtHit
