A trader who continues to grow his following with timely crypto calls outlines a potential price path for Dogecoin’s (DOGE) rally to new all-time highs.
Pseudonymous analyst Bluntz tells his 292,900 followers on social media platform
The trader shares a chart that suggests DOGE could explode to a new all-time high of $0.85 before the five-wave wave ends.
“Nothing has changed, we just had a nice 23% dip in the low time frame. I count as a wave four within a monster extended wave three impulse.
Once the next DOGE ramp-up begins, it will likely start sucking liquidity out of smaller memes again. The only reason they went so fast this week was because I think DOGE had been chilling for like five days.
I think this week will be a DOGE week.”
Bluntz practices Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following the psychology of the crowd that often manifests itself in waves. According to Elliott Wave principles, a bullish asset often witnesses a five-wave rally, with waves one, three and five being upward moves and waves two and four being corrective periods.
At the time of writing, DOGE is trading at $0.372, down 49% from its all-time high of $0.731.
Zooming in, Bluntz shares his prediction for DOGE in the coming to dawn.
“The ideal scenario for DOGE is a slow rebound over the next few days, which could set the stage for another parabolic breakout later in the week, similar to the previous one…
I think DOGE will gently remind everyone who the king is this week.
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Generated image: Midjourney