Analyst Predicts Dogecoin (DOGE) Will See a Surge in Price
A well-known analyst who is known for making accurate calls on altcoins has recently shared his insights on the popular memecoin Dogecoin (DOGE). The analyst, who goes by the pseudonym Bluntz, took to social media platform X to inform his 306,000 followers that DOGE is gearing up for a significant price increase.
Bluntz, who follows Elliott Wave theory, which suggests that a bullish asset experiences a five-wave surge before undergoing a correction, believes that DOGE is currently in the early stages of a new five-wave rally on the 12-hour chart. According to the analyst, this indicates that DOGE is on track to surpass its previous highs and potentially reach prices above $0.50.
The analyst also pointed out that the Dogecoin versus Bitcoin (DOGE/BTC) trading pair is showing signs that DOGE will outperform BTC in the near future. Bluntz stated that the DOGE/BTC ratio is still in an accumulation phase, suggesting that DOGE will see significant gains before the end of the current market cycle.
At the time of writing, Dogecoin is trading at $0.379, and based on Bluntz’s analysis, it is likely to see a price increase in the coming days. The analyst also shared his thoughts on Ethereum, stating that ETH looks bullish on both the USD and BTC trading pairs. According to Bluntz, Ethereum may be signaling the end of its relative underperformance and could be gearing up for a positive trend in the near future.
In conclusion, the analyst’s insights on Dogecoin and Ethereum provide valuable information for investors looking to capitalize on potential price movements in the cryptocurrency market. It is important to stay informed and follow expert analysis to make informed decisions when trading digital assets.