An analyst known as a “Master Trader” at the cryptocurrency exchange Bybit thinks the Dogecoin (DOGE) correction is over.
Pseudonymous analyst Bluntz tells his 299,300 followers on social media platform X that the top memecoin’s parabolic rally is still in its infancy.
The trader shares a chart suggesting that DOGE could rise above $1 before the five-wave rally is over.
“The current DOGE wave four looks like this.
[DOGE] has been in an upward sideways flat correction for two weeks now and many people have gotten bored and moved on to chase the next shiny thing.
In reality, the DOGE parabola has only just begun, and in my opinion there is no profit taking possible up to a minimum of $1.”
Bluntz applies the Elliott Wave theory, which states that a bullish asset tends to witness five-wave peaks before witnessing an ABC correction. According to the theory, waves one, three and five are upward bursts, while waves two and four are correction periods.
At the time of writing, DOGE is trading at $0.388.
The trader is also bullish on the Layer-1 protocol and Solana (SOL) competitor Sei (SEI). According to the trader, SEI has taken diagonal resistance on the Bitcoin (SEI/BTC) and US dollar pairs.
“Notice the things that barely dropped when BTC did, they will be fully shipped once BTC goes back up.
SEI is one of them on my hot list.”
At the time of writing, SEI is trading at $0.685.
Looking at Bitcoin itself, the trader thinks that BTC will leave those waiting for lower levels.
“Probably that’s the BTC pullback here, I think from here and it’s not going to go as low as people think.”
Based on the trader’s chart, BTC appears to have completed an ABC correction and is now consolidating before breaking above $100,000.
At the time of writing, Bitcoin is worth $92,022.
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Generated image: Midjourney