An anonymous crypto expert who is known for accurately predicting the rise of alternative cryptocurrencies believes that Dogecoin (DOGE), the popular meme token, is on the verge of experiencing a significant surge in value.
Referred to as Bluntz, the analyst shared with his 316,700 followers on the social media platform X that DOGE is currently forming a potential bottom, signaling a forthcoming bullish trend reversal.
Bluntz also presented a chart indicating that DOGE is exhibiting an Adam and Eve pattern, along with completing an ABC corrective movement.
“DOGE is showing great strength here in my opinion, following a two-week consolidation period after a significant sell-off event.
“One piece of advice that has always resonated with me is never shorting a market that appears stagnant.”
Bluntz follows the Elliott Wave theory, which suggests that following an ABC correction, an asset typically experiences a five-wave uptrend. Additionally, an Adam and Eve pattern indicates that the asset is reaching a bottom as buyers establish a support level for an upcoming price increase.
According to Bluntz’s analysis, DOGE is expected to surge to $0.34. As of the current writing, Dogecoin is priced at $0.251.
Shifting focus to the layer-1 protocol Hyperliquid (HYPE), Bluntz anticipates that investors holding positions in the altcoin may face substantial losses.
“Are you prepared to face a hyper-liquidation?”
Based on Bluntz’s chart, he predicts that HYPE will breach its diagonal support and drop below $20. Currently, HYPE is trading at $24.14, experiencing a decline of over 5% for the day.
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Image Credit: Midjourney