A widely followed cryptocurrency trader thinks a large-cap memecoin is gearing up for another round of upside bursts.
Pseudonymous analyst Bluntz tells his 303,200 followers on social media platform
A triangle structure is typically considered bullish if it is spotted while an asset is in an uptrend.
Says Bluntz,
“It sounds like a broken record at this point, but I’ll say it again: When DOGE breaks this three-week accumulation, it will be a violent upward move.”
At the time of writing, DOGE/BTC is trading at 0.00000437 BTC worth $0.44.
Looking at Bitcoin itself, Bluntz believes BTC is ready to resume its rallies after completing an ABC correction on the four-hour chart.
“Perfect liquidation candle on BTC, looks like a running flat ABC done in my opinion.
The leverage effect has been successfully erased.”
Bluntz applies Elliott Wave theory, which states that a bullish asset tends to see more rallies after the conclusion of an ABC wave pullback. Based on the trader’s chart, he seems to predict that BTC will rise above $112,000.
Bitcoin is trading at $99,284 at the time of writing.
Next up is the memecoin dogwifhat (WIF). According to the trader, WIF is about to break out of a reaccumulation pattern as the coin bullishly prints higher lows.
“This WIF accumulation is yearning for failure.”
Looking at the trader’s chart he seems to suggest that a breakout will occur once WIF clears $3.50.
WIF is trading at $3.44 at the time of writing.
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Generated image: Midjourney