A closely watched crypto trader believes that top memecoin Dogecoin (DOGE) is gearing up for a breakout rally.
Pseudonymous trader The Flow Horse tells his 183,000 followers on the social media platform
“Pump all risky assets. I always have to remind myself that Elon Musk owns X and the downside of the world’s favorite commercial dog is extremely limited. I think DOGE will start barking again soon.”
DOGE is trading at $0.0681 at the time of writing.
Then the trader say fellow memecoin Pepe (PEPE) is likely paving the way for a move to the upside, but warns that it could fall further first. He also notes that PEPE is unlikely to give up most of its profits anytime soon.
“Add Futs (futures) exposure to PEPE position. Guess we can dip some more, but I don’t think this Burj Khalifa is early. I expect a little more FOMO (fear of missing out) to develop as the leaders emerge.”
A Burj Khalifa is a bearish pattern where a crypto asset loses most of its gains after a steep climb, reminiscent of the structure of the tallest building in the world.
Pepe is trading at $0.00000108 at the time of writing.
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