A closely followed crypto trader believes that the top memecoin Dogecoin (DOGE) is gearing up for a breakout rally.
Pseudonymous trader The Flow Horse tells his 183,000 followers on the social media platform X that he believes DOGE has a lot of upside potential after moving above its diagonal resistance on the weekly chart.
“All risk assets pumping. I always need to remind myself that Elon Musk owns X and the downside of the world’s favorite commoditized dog is extremely limited. I think DOGE is going to bark again soon.”
DOGE is trading for $0.0681 at time of writing.
Next, the trader says that fellow memecoin Pepe (PEPE) is likely setting the stage for a move to the upside, but warns it may first decline further. He also notes that PEPE is unlikely to give up most of its gains soon.
“Adding futs (futures) exposure to PEPE position. Think we can dip a little more, but I don’t think this Burj Khalifa early. I expect a bit more FOMO (fear of missing out) to be engineered as the leaders push up more.”
A Burj Khalifa is a bearish pattern where a crypto asset loses most of its gains after a steep ascend, reminiscent of the structure of the world’s tallest building.
Pepe is trading for $0.00000108 at time of writing.
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