A widely followed cryptocurrency trader thinks that one large-cap memecoin is gearing up for another round of upside bursts.
Pseudonymous analyst Bluntz tells his 303,200 followers on the social media platform X that he sees Dogecoin (DOGE) outperforming Bitcoin (DOGE/BTC) as the pair approaches the resolution of a triangle pattern.
A triangle structure is typically viewed as bullish if spotted while an asset is in an uptrend.
Says Bluntz,
“Sounding like a broken record at this point but I’m gonna say it again anyway, when DOGE breaks this three-week accumulation, it’s going to be a violent upside move.”
At time of writing, DOGE/BTC is trading for 0.00000437 BTC worth $0.44.
Looking at Bitcoin itself, Bluntz believes that 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.
Leverage successfully wiped.”
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to see more rallies after concluding an ABC wave pullback. Based on the trader’s chart, he seems to predict that BTC will soar above $112,000.
Bitcoin is trading at $99,284 at time of writing.
Next up is the memecoin dogwifhat (WIF). According to the trader, WIF is raring to break out from a re-accumulation pattern as the coin prints bullish higher low setups.
“This WIF accumulation is gagging for a bust-up.”
Looking at the trader’s chart, he seems to suggest that a breakout will happen once WIF clears $3.50.
WIF is trading at $3.44 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
