An analyst specializing in cryptocurrencies, known for accurately predicting trends in alternative coins, believes that the popular meme token Dogecoin (DOGE) is on the verge of a significant surge.
Referred to as Bluntz, the pseudonymous analyst shared with his 316,700 followers on the social media platform X that DOGE seems to be forming a local bottom, indicating a potential shift towards a bullish trend.
Bluntz presented a chart suggesting that DOGE is exhibiting an Adam and Eve pattern, along with completing an ABC corrective move.
“DOGE is showing strength here in my view, following a two-week consolidation period after a significant sell-off event.
“One piece of advice that has always resonated with me is to never short a quiet market.”
Bluntz follows the Elliott Wave theory, which suggests that assets often go through a five-wave rally following an ABC correction. Additionally, the Adam and Eve pattern indicates that an asset is likely reaching a bottom as buyers establish a price floor for an upcoming uptrend.
According to Bluntz’s analysis, DOGE is expected to rally to $0.34. At the current time, Dogecoin is trading at $0.251.
Shifting focus to the layer-1 protocol Hyperliquid (HYPE), Bluntz predicts that investors holding positions in the altcoin may face a significant downturn.
“Are you prepared to experience extreme liquidity?”
Based on Bluntz’s analysis, it is anticipated that HYPE will break below its diagonal support and drop below $20. As of now, HYPE is trading at $24.14, showing a decline of over 5% for the day.
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