An analyst known as a “master trader” at cryptocurrency exchange Bybit believes October will be a bullish month for Dogecoin (DOGE).
Top memecoin DOGE appears to be in the early stages of a five-wave rally, pseudonymous analyst Bluntz told his 276,900 followers on social media platform X.
Traders practice Elliott Wave Theory, a technical analysis approach that attempts to predict future price movements by following herd psychology, which tends to manifest itself in waves. The theory is that bullish assets tend to witness a five-wave surge before experiencing an “ABC” decline.
Blunts says:
“DOGE is on turbo strength here and it probably won’t play out exactly like this. However, there are still many waves to go before this impulse structure is nearly complete.
I don’t think DOGE outperforms every popular meme (my bag), but DOGE being turbo strong is exactly what you want to see and it certainly is.”
Looking at the trader’s charts, he seems to be implying that DOGE will bounce back above $0.20 in October. As of this writing, DOGE is trading at $0.122.
Referring to fellow memecoin Bonk (BONK), the cryptocurrency strategist believes that the correction over the weekend has put the Solana (SOL)-based altcoin in a position to witness a rebound in the coming days.
“Here’s the perfect ABC pullback to every powerful meme added here. BONK added here. If you wanted to get in, this is the place right now. Not financial advice in my opinion, blah blah blah.”
Based on the trader charts, he appears to be predicting that BONK will move above $0.00032 before ending its 5-wave surge on the 4-hour chart.
As of this writing, the value of BONK is $0.000023.
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