Trader Says Large-Cap Memecoin Looks ‘Undeniably’ Strong, Flips Bullish on Ethereum (ETH)

A well-known analyst, who is recognized for making timely calls on altcoins, believes that Dogecoin (DOGE), a popular memecoin, is gearing up for a new upward movement.

Using the pseudonym Bluntz, the analyst shares with his 306,000 followers on X that DOGE seems to be embarking on a fresh five-wave rally on the 12-hour chart.

Bluntz adheres to Elliott Wave theory, which suggests that a bullish asset experiences a five-wave surge before undergoing an ABC-wave correction.

According to Bluntz,

“After a significant move in DOGE overnight, it seems to be showing strong momentum once again. In my view, the climb towards new highs above $0.50 is likely in progress.”

Based on Bluntz’s analysis, it appears that Dogecoin could surpass $0.60 before the completion of its fifth-wave rally.

The analyst also monitors the DOGE/BTC trading pair, indicating that DOGE is poised to outperform BTC before the current bull market ends.

“The DOGE/BTC ratio is still in an accumulation phase. It is highly likely to witness a significant surge before the end of the cycle.”

Currently, DOGE is trading at $0.379.

Regarding Ethereum, Bluntz indicates that ETH looks bullish in both USD and BTC trading pairs. He suggests that Ethereum may be signaling the end of its relative underperformance.

“ETH has broken out of a solid two-week range, with a promising higher low formation on the ETH/BTC chart at high timeframes.

Mocking ETH might be easy and entertaining until it isn’t.”