The latest analysis from a prominent trader on the crypto exchange Bybit suggests that Dogecoin’s correction may be coming to an end. Known as “Master Trader” in the crypto community, the pseudonymous analyst Bluntz shared his insights with his large following on social media platform X.
Bluntz believes that Dogecoin’s parabolic rally is just getting started, with a potential to soar above $1 before its five-wave rally is complete. He shared a chart indicating that DOGE’s current wave four correction appears to be done, and the memecoin is poised for further upside.
Utilizing the Elliott Wave theory, which predicts five-wave surges in bullish assets, Bluntz expects DOGE to continue its upward trajectory. According to this theory, waves one, three, and five represent upward bursts, while waves two and four are corrective phases.
As of the time of writing, Dogecoin is trading at $0.388, showing potential for further gains. Bluntz is also bullish on Sei (SEI), a layer-1 protocol and Solana competitor. He notes that SEI has broken a diagonal resistance on both Bitcoin (SEI/BTC) and US dollar pairs, making it a promising asset for future growth.
SEI is currently trading at $0.685, with potential for upward movement. In addition to DOGE and SEI, Bluntz also shared his bullish outlook on Bitcoin, suggesting that the recent pullback may be over. He anticipates BTC to resume its upward trend, potentially reaching above $100,000.
Bitcoin is currently valued at $92,022, showing resilience in the face of recent market fluctuations. Overall, Bluntz’s analysis points towards a positive outlook for these crypto assets, with potential for significant growth in the near future.
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