Top Analyst Predicts Beginning of Dogecoin Parabolic Rally, Adds Solana Competitor to Altcoin Hotlist
An analyst known as a “Master Trader” on the crypto exchange Bybit believes that Dogecoin’s correction has come to an end. The pseudonymous analyst, Bluntz, shared with his 299,300 followers on X that Dogecoin’s parabolic rally is just beginning.
Bluntz shared a chart indicating that Dogecoin could potentially surpass $1 before completing its five-wave rally. According to him, Dogecoin has been in an upward sideways running flat correction for two weeks, leading many to lose interest and move on to other investments. However, Bluntz is confident that the Dogecoin parabola has only just begun, with a minimum target of $1 before any profit-taking should occur.
Bluntz follows the Elliott Wave theory, which suggests that a bullish asset typically experiences five-wave surges before undergoing an ABC correction. Waves one, three, and five are upward bursts, while waves two and four are corrective phases. As of the current time, Dogecoin is trading at $0.388.
In addition to his optimism about Dogecoin, Bluntz is also bullish on Sei (SEI), a layer-1 protocol that competes with Solana (SOL). He points out that SEI has broken a diagonal resistance on the Bitcoin (SEI/BTC) and US dollar pairs, indicating strong potential for growth. At present, SEI is trading at $0.685.
When looking at Bitcoin, Bluntz believes that the cryptocurrency is unlikely to drop to lower levels. He predicts that the recent pullback on Bitcoin is done, and the price is poised to move higher. Based on his chart analysis, Bitcoin appears to have completed an ABC correction and is currently consolidating before making a significant move above $100,000. As of now, Bitcoin is valued at $92,022.
Overall, Bluntz’s analysis suggests that Dogecoin, Sei, and Bitcoin are all primed for potential upward movements in the near future. It will be interesting to see how these predictions play out in the dynamic and ever-changing world of cryptocurrency trading.
