An analyst known as a “Master Trader” on the crypto exchange Bybit believes that furious rallies are in sight for the top memecoin Dogecoin (DOGE).
Pseudonymous analyst Bluntz tells his 287,200 followers on the social media platform X that DOGE looks incredibly bullish after breaking out from an Adam and Eve double-bottom pattern against Bitcoin (DOGE/BTC).
The bullish structure suggests that DOGE/BTC has printed a major bottom and is poised to start a new uptrend.
“Tried to warn you all.
Crazy to think this thing is still just getting started.”
A bullish DOGE/BTC chart suggests that Dogecoin is in a position to outpace Bitcoin’s gains.
Looking at DOGE against the US dollar, Bluntz believes that the altcoin has the fuel to skyrocket over 260% from current levels.
“If only someone had been banging the DOGE drum for some time now.
$1 is not the meme you think it is.”
At time of writing, Dogecoin is trading for $0.277, up over 27% in the past day.
Bluntz also has his radar locked on Ethena (ENA), a synthetic dollar protocol on Ethereum (ETH). According to the analyst, ENA is in the midst of a bullish reversal after breaking out from an inverse head-and-shoulders (IHS) pattern.
The breakout from the technical pattern suggests that ENA has fully entered bull territory.
Says Bluntz,
“ENA is a crazy bullish high timeframe chart, we see huge volume confirming the IHS breakout is real. BTC making all-time highs.
Setups like this feel like easy plays for multiple Xs.”
At time of writing, ENA is worth $0.55.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Follow us on X, Facebook and Telegram
Generated Image: DALLE3
Read the full article here