An analyst known for his timely altcoin calls believes that top memecoin Dogecoin (DOGE) is gearing up to take another step forward.
Pseudonymous analyst Bluntz tells his 306,000 followers on social media platform X that DOGE appears to be in the early stages of another five-wave rally on the 12-hour chart.
The trader follows the Elliott Wave theory, which states that a bullish asset witnesses a wave of five waves before entering an ABC wave correction.
Says Bluntz,
“Monster DOGE has been on the move overnight and now looks decidedly impulsive again in my opinion.
The move back to new highs above $0.50 is likely underway.”
Based on the trader’s chart, he seems to suggest that Dogecoin will push prices above $0.60 before the fifth wave rally comes to an end.
The analyst is also keeping an eye on the Dogecoin vs. Bitcoin (DOGE/BTC) trading pair. Bluntz says the chart tells him that DOGE will outperform BTC before the bull market ends.
“The DOGE/BTC ratio is basically still accumulating. There is no chance that this won’t go significantly higher by the end of the cycle.”
At the time of writing, DOGE is trading at $0.379.
As for Ethereum, Bluntz says ETH looks bullish on both the USD and BTC trading pairs. According to the analyst, Ethereum may be sending signals that its relative underperformance is now a thing of the past.
“Solid two-week breakout on ETH here, with a nice higher low on the ETH/BTC high time frame.
Clowning on ETH is easy and fun until it isn’t.”
At the time of writing, Ethereum is worth $3,618.
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Generated image: DALLE3