dailyhodl.com
A widely followed cryptocurrency trader thinks that one large-cap memecoin is gearing up for another round of upside bursts.
Pseudonymous analyst Bluntz tells his 303,200 followers on the social media platform X that he sees Dogecoin ($DOGE) outperforming Bitcoin ($DOGE/$BTC) as the pair approaches the resolution of a triangle pattern.
A triangle structure is typically viewed as bullish if spotted while an asset is in an uptrend.
Says Bluntz,
“Sounding like a broken record at this point but I’m gonna say it again anyway, when $DOGE breaks this three-week accumulation, it’s going to be a violent upside move.”
At time of writing, $DOGE/$BTC is trading for 0.00000437 $BTC worth $0.44.
Looking at Bitcoin itself, Bluntz believes that $BTC is ready to resume its rallies after completing an ABC correction on the four-hour chart.
“Perfect liquidation candle on $BTC, looks like a running flat ABC done, in my opinion.
Leverage successfully wiped.”
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to see more rallies after concluding an ABC wave pullback. Based on the trader’s chart, he seems to predict that $BTC will soar above $112,000.
Bitcoin is trading at $99,284 at time of writing.
Next up is the memecoin dogwifhat ($WIF). According to the trader, $WIF is raring to break out from a re-accumulation pattern as the coin prints bullish higher low setups.
“This $WIF accumulation is gagging for a bust-up.”
Looking at the trader’s chart, he seems to suggest that a breakout will happen once $WIF clears $3.50.
$WIF is trading at $3.44 at time of writing.
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