A trader who continues to grow his following with timely crypto calls is outlining a potential price path for Dogecoin’s (DOGE) rally to fresh all-time highs.
Pseudonymous analyst Bluntz tells his 292,900 followers on the social media platform X that Dogecoin looks poised for a new wave of upside bursts after printing a local bottom at around $0.339.
The trader shares a chart suggesting that DOGE could explode to a new all-time high of $0.85 before ending its five-wave surge.
“Nothing changed, we just had a nice 23% low time frame dip I’m counting as a wave four within a monster extended wave three impulse.
Once the next DOGE leg-up start, it will probably start to suck liquidity out of smaller memes again. The only reason they went so hard this week was because DOGE has been chilling for five days in my opinion.
I think this week will be a DOGE week.”
Bluntz practices the Elliott Wave theory, a technical analysis approach attempting to predict future price action by following crowd psychology that tends to manifest in waves. According to Elliott Wave principles, a bullish asset often witnesses a five-wave rally, where waves one, three and five are upside moves and waves two and four are corrective periods.
At time of writing, DOGE is trading at $0.372, down 49% from its all-time high of $0.731.
Zooming in, Bluntz shares his forecast for DOGE in the coming days.
“Ideal scenario for DOGE is a slow grind up over the next few days which could set the stage for another parabolic breakout later in the week similar to the last…
I think DOGE is gonna gently remind everyone who the king is this week.”
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Generated Image: Midjourney
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