An analyst known as a “Master Trader” at the cryptocurrency exchange Bybit believes October will be a bullish month for Dogecoin (DOGE).
Pseudonymous analyst Bluntz tells his 276,900 followers on social media platform X that top memecoin DOGE appears to be in the early stages of a five-wave rally.
The trader applies Elliott Wave theory, a technical analysis approach that attempts to predict future price action by monitoring the psychology of the crowd, which often manifests itself in waves. According to the theory, a bullish asset tends to witness a wave of five waves before experiencing an “ABC” pullback.
Says Bluntz,
“DOGE looks turbo bullish here and probably won’t play out exactly like this, but there are still, more or less, a LOT of waves to go before this momentum structure looks anywhere near complete.
I don’t necessarily think DOGE is outperforming all the popular memes (my bags), but DOGE looking turbo bullish is EXACTLY what you want to see, and that is certainly the case.
Looking at the trader’s chart, he seems to suggest that DOGE will rise above $0.20 in October. At the time of writing, DOGE is trading at $0.122.
As for fellow memecoin Bonk (BONK), the crypto strategist believes the correction over the weekend has put the Solana (SOL)-based altcoin in a position to witness rallies in the coming days.
“Perfect ABC takedowns here on all strong memes, BONK added here, if you wanted to come in, in my opinion this is the place here and now, no financial advice, blah blah.”
Based on the trader’s chart, he appears to be predicting that BONK will move above $0.00032 before ending the five-wave peak on the four-hour chart.
At the time of writing, BONK is worth $0.000023.
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Generated image: DALLE3
