Traders who continue to grow their following with timely crypto currencies are outlining a potential price path for Dogecoin (DOGE) to hit new all-time highs.
Household name analyst Bluntz told his 292,900 followers on social media platform
The trader shares a chart that suggests DOGE could explode to an all-time high of $0.85 before ending its five-wave surge.
“Nothing has changed. We recorded a low time frame drop of just 23%. I am counting this as wave 4 within the monster expansion wave 3 impulse.
Once the next DOGE leg-up begins, it will probably start sucking liquidity out of the little meme again. I think the only reason they worked so hard this week was because DOGE had 5 days off.
I think this week will be a DOGE week.”
Bluntz practices Elliott Wave theory, a technical analysis approach that attempts to predict future price movements by following herd psychology, which tends to appear in waves. According to the Elliott Wave Principle, bullish assets often witness five-wave rallies. Here, waves 1, 3, and 5 are upward trends, and waves 2 and 4 are correction periods.
As of this writing, DOGE is trading at $0.372, down 49% from its all-time high of $0.731.
Bluntz expands and shares his predictions for DOGE going forward.
“The ideal scenario for DOGE is that it can proceed slowly over the next few days, setting the stage for another parabolic breakout later in the week similar to last week…
I think DOGE will gently remind everyone who the king is this week.”
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