A crypto strategist known for making timely altcoin calls believes that the top meme token Dogecoin (DOGE) is gearing up for a breakout surge.
Pseudonymous analyst Bluntz tells his 316,700 followers on the social media platform X that DOGE appears to be carving a local bottom en route for a bullish reversal.
The trader shares a chart suggesting that DOGE seems to be printing an Adam and Eve pattern while flashing a completed ABC corrective move.
“DOGE looking pretty solid here in my opinion after consolidating for two weeks after that capitulation event.
If there’s one saying that’s always stuck with me, it’s never short a dull market.”
Bluntz practices the Elliott Wave theory, which states that an asset tends to witness a five-wave rally after concluding an ABC-wave correction. Meanwhile, an Adam and Eve pattern suggests that an asset is bottoming out as bulls build a price floor in preparation for a leg up.
Based on the trader’s chart, he seems to suggest that DOGE will rally to $0.34. At time of writing, Dogecoin is trading for $0.251.
Turning to layer-1 protocol Hyperliquid (HYPE), Bluntz predicts that crypto bulls with positions in the altcoin are about to see a deep drawdown.
“Who’s ready to get hyper-liquidated?”
Based on the trader’s chart, he seems to predict that HYPE will crush its diagonal support and fall below $20. At time of writing, HYPE is trading for $24.14, down over 5% on the day.
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Generated Image: Midjourney
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