An analyst known as “Master Trader” on crypto exchange Bybit believes that October will be a bullish month for Dogecoin (DOGE).
Pseudonymous analyst Bluntz tells his 276,900 followers on social media platform X that top memecoin DOGE appears to be in the early stages of a five-wave rally.
The trader practices Elliott Wave Theory, an approach to technical analysis that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset tends to experience a five-wave upswing before experiencing an “ABC” downturn.
said Bluntz,
“DOGE looks turbo bullish here, probably won’t play out exactly like that, but more or less there are PLENTY of waves left to ride before this impulse structure looks almost complete.
I don’t necessarily think DOGE is outperforming all popular memes (my bags), but DOGE looking turbo bullish is EXACTLY what you want to see, and it certainly is.
Looking at the trader’s chart, it seems to suggest that DOGE will surpass $0.20 in October. At the time of writing, DOGE is trading at $0.122.
As for fellow memecoin Bonk (BONK), the crypto strategist believes its correction over the weekend has allowed the Solana-based altcoin (SOL) to see rallies in the coming days.
“Perfect ABC withdrawals here on all the strong memes, BONK added here, if you wanted to jump in, this is the place right here, right now, in my opinion, not financial advice, blah blah.”
Based on the trader’s chart, he appears to predict that BONK will break above $0.00032 before ending its five-wave rise on the four-hour chart.
At the time of writing, BONK is worth $0.000023.
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