An analyst known as a “Master Trader” on the crypto exchange Bybit thinks that Dogecoin’s (DOGE) correction is over.
Pseudonymous analyst Bluntz tells his 299,300 followers on the social media platform X that the top memecoin’s parabolic rally is in its early days.
The trader shares a chart suggesting that DOGE could soar above $1 before its five-wave rally is over.
“Current DOGE wave four looks done here.
[DOGE] has been in an upwards sideways running flat correction for two weeks now and plenty of people have gotten bored and moved on to chase the next shiny thing.
In reality, the DOGE parabola has only just started, no profit-taking until $1 minimum in my opinion.”
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness five-wave surges before witnessing an ABC correction. According to the theory, waves one, three and five are upside bursts while waves two and four are corrective periods.
At time of writing, DOGE is trading at $0.388.
The trader is also bullish on layer-1 protocol and Solana (SOL) competitor Sei (SEI). According to the trader, SEI has taken out a diagonal resistance on the Bitcoin (SEI/BTC) and US dollar pairs.
“Take note of the things that barely dipped when BTC did, they full send once BTC resumes upwards.
SEI is on my hotlist as one of them.”
At time of writing, SEI is trading for $0.685.
Looking at Bitcoin itself, the trader thinks that BTC will leave those who are waiting for lower levels.
“Likely that’s the pullback done on BTC here, I think up from here and it ain’t going as low as people think.”
Based on the trader’s chart, BTC appears to have completed an ABC correction and is now consolidating before surging above $100,000.
At time of writing, Bitcoin is worth $92,022.
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Generated Image: Midjourney
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