Traders Anticipate Potential Price Increases in Memecoins

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A well-known cryptocurrency trader has indicated that a memecoin with substantial capitalization may witness a resurgence in value. Pseudonymous trader Bluntz shared with his 303,200 followers on the social media platform X that Dogecoin could outperform Bitcoin .

DOGE’s Potential Upsurge

Bluntz believes that DOGE will experience a significant upward movement after breaking its three-week accumulation level. This movement is expected to occur if the asset completes a triangle formation in its upward trend.

“I’m repeating like a broken record, but when DOGE breaks this three-week accumulation, there will be a strong upward movement.”

Bluntz asserts that Bitcoin might resume rallies after completing an ABC correction on its four-hour chart. Bitcoin is currently trading at approximately $99,284.

“A perfect liquidation candle for BTC; I believe a running ABC has been completed.”

Trader’s Perspective

Using Elliott Wave theory, Bluntz suggests that additional rallies will follow the ABC oscillation of assets in the bull market. He expressed expectations of BTC trading above $112,000.

It is emphasized that technical analyses play a crucial role in decision-making within the cryptocurrency markets. Traders attempt to predict future price movements by evaluating market trends and formations.

Market participants are advised to consider analysis but to conduct their research without neglecting their own investigations. The volatile nature of cryptocurrencies brings high risks and potential returns.

In conclusion, the technical analysis-based upward potential of memecoins like DOGE and WIF is noteworthy. As Bitcoin is also expected to resume rallies, it is crucial for traders to closely monitor market dynamics.

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