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

An analyst known for making timely altcoin calls believes that top memecoin Dogecoin ( DOGE ) is getting ready to ignite a fresh leg up.

Pseudonymous analyst Bluntz tells his 306,000 followers on the social media platform X that DOGE appears to be in the early stages of a new five-wave rally on the 12-hour chart.

The trader follows Elliott Wave theory, which states that a bullish asset witnesses a five-wave surge before entering an ABC-wave correction.

Says Bluntz,

“Monster DOGE move overnight, now looking undeniably impulsive again, in my opinion. 

The move back up to fresh highs above $0.50 is probably underway.” 

Based on the trader’s chart, he seems to suggest that Dogecoin will hit prices above $0.60 before its fifth-wave rally comes to a close.

The analyst is also keeping an eye on the Dogecoin versus Bitcoin (DOGE/ BTC ) trading pair. Bluntz says the chart tells him that DOGE will outperform BTC before the bull market expires.

“DOGE/BTC ratio is basically still accumulating. There is not a snowball’s chance in hell this isn’t going significantly higher by the end of the cycle.”

At time of writing, DOGE is trading for $0.379.

As for Ethereum, Bluntz says ETH looks bullish on both the USD and BTC trading pairs. According to the analyst, Ethereum may be flashing signals suggesting that its relative underperformance is now a thing of the past.

“Solid two-week range breakout on ETH here with a nice higher low being put in on ETH/BTC high timeframe.

Clowning on ETH is easy and fun until it isn’t.”

At time of writing, Ethereum is worth $3,618.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: DALLE3