Top Trader Predicts Rallies for Two Dogecoin Rivals, Says Memecoin Season Is Heating Up

By The Daily Hodl February 29, 2024 In Pepe
Source: Bluntz/X

A trader who accurately called Bitcoin’s (BTC) 2018 bear market bottom says he’s bullish on two memecoins.

Pseudonymous analyst Bluntz tells his 240,800 followers on the social media platform X that the Solana (SOL)-based meme token dogwifhat (WIF) has been printing bullish higher low setups each time the asset completes a three-wave corrective move.

Bluntz is a practitioner of the Elliott Wave theory, a technical analysis approach 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 witness a three-wave corrective move before the next leg up.


Says Bluntz,

“WIF has essentially been trading in a large accumulation base since inception, with constant impulsive rises and constant clear corrective three-wave moves back down, each time forming a higher low.

Eventually, this base breaks out and moves higher and many will be surprised, but the signs were there.”

Source: Bluntz/X

Looking at the analyst’s chart, he seems to suggest WIF is on the verge of breaking out from an ascending triangle pattern en route to rallying toward his target at $1.40.

At time of writing, WIF is worth $0.507, up over 42% in the past day.

Another altcoin on the trader’s radar is the memecoin Pepe (PEPE). Bluntz shares a chart that suggests PEPE has completed a three-wave corrective move and is now poised to rally toward his target at $0.0000022.

“Nice steady push higher on PEPE all weekend.

I like this setup a lot, meme season feels like it is heating up again.”

Source: Bluntz/X

At time of writing, PEPE is worth $0.000001832, up over 30% in the last 24 hours.

Generated Image: Midjourney

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