cryptoglobe.com
A prominent cryptocurrency analyst who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3.000 has recently revealed he believes the price of the meme-inspired Dogecoin ($DOGE) could soon see a significant breakout.
In a post shared on the microblogging platform X (formerly known as Twitter) with his over 300,000 followers, analyst Bluntz Capital said that DOGE, paired with BTC, has been “coiling for 3 weeks now in the final stages of a triangle,” and should be ahead of a breakout.
Per his words DOGE will likely see a 4x surge in the “final month of the bull [market] as is tradition.”
According to Bluntz, the key to unlocking this surge lies in Dogecoin’s ability to overcome its diagonal resistance level, currently situated around $0.50. Once this hurdle is cleared, he predicts that the subsequent price movement will be “violent,” mirroring the coin’s previous breakout.
A chart shared by Bluntz appears to indicate that he expects Dogecoin to reach a new all-time high above $0.90. As of the time of writing, the coin is trading at $0.404 after losing around 6.8% of its value in the last 24-hour period, and after surging 180% in the last 30 days.
Bluntz is also bullish on the broader cryptocurrency market, particularly in the month of December. He believes that top memecoins, including Dogecoin, PEPE, and SHIB, will lead the charge, driven in part by increased retail interest.
The analyst noted that these memecoins are already experiencing higher trading volumes than some of their more established counterparts, such as Solana, despite having significantly smaller market capitalizations.
Featured image via Unsplash.