Traders Anticipate Potential Price Increases in Memecoins

Traders Anticipate Potential Price Increases in Memecoins

A renowned cryptocurrency trader predicts a resurgence in value for a memecoin with significant capitalization. The pseudonymous trader, Bluntz, shared his analysis with his 303,200 followers on the social media platform Twitter, suggesting that Dogecoin (DOGE) could potentially outperform Bitcoin (BTC).

DOGE's Potential Surge

Bluntz believes that DOGE will experience a surge after breaking out of its three-week accumulation zone. This movement could occur if the asset completes a triangle formation in its uptrend.

"I'm emphasizing this persistently, when DOGE breaks this three-week accumulation, there will be a significant upward movement."

Bitcoin's Resumption of Rallies

Bluntz asserts that Bitcoin may resume rallies after completing an ABC correction on its four-hour chart. BTC is currently trading around $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 occur within the bull market. He expects BTC to trade above $112,000.

It's important to note that technical analysis is a significant factor in decision-making within cryptocurrency markets. Traders attempt to predict future price movements by studying market trends and patterns.

Caution and Due Diligence

Traders are advised to consider these analyses but conduct their own research before making investment decisions. The volatile nature of cryptocurrencies implies high risks and potential rewards.

In summary, the upward potential of memecoins like DOGE and Bitcoin, as suggested by technical analysis, is notable. Traders should closely monitor market dynamics as Bitcoin is anticipated to resume rallies.