A crypto trader who called Bitcoin’s (BTC) 2018 price floor thinks that top memecoin Dogecoin (DOGE) is gearing up to witness a big upside move.
The analyst pseudonymously known as Bluntz tells his 250,400 followers on the social media platform X that DOGE is in a solid position to print gains against both the US dollar and Bitcoin.
According to the top trader, DOGE is primed to start another leg up in both the USD and BTC pairs after completing a three-wave correction that started in the first week of March.
“DOGE finally looks ready to rip higher again, nice big f**k off long drawn-out ABC down on the USD and BTC pairs after that initial February impulse.”
The trader relies on the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally after a three-wave ABC correction. Based on his chart, it appears that he is suggesting that Dogecoin could surge by over 50% from the current level and rise above $0.24.
DOGE is trading at $0.163 at time of writing.
Next up is fellow memecoin Pepe (PEPE). According to Bluntz, the DOGE rival looks ready to ignite a surge to a fresh all-time high.
“Pepe finally looking good for the next leg up, solid bounce from major support and still yet to put in a macro wave five higher from the lows.”
From Bluntz’s chart, it appears that the pseudonymous analyst sees Pepe rising close to the $0.000014 level after completing a wave four correction at around $0.000006.
PEPE is trading at $0.000008 at time of writing.
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Generated Image: Midjourney
