Dogecoin Breakout Rally Predicted by Bluntz; HYPE Faces Deep Drawdown
1min read Crypto strategist Bluntz, known for his timely altcoin calls, has predicted a breakout rally for Dogecoin (DOGE), the top meme token. In a recent post on the social media platform X, Bluntz shared a chart suggesting that DOGE is carving a local bottom and preparing for a bullish reversal.
According to Bluntz, DOGE appears to be printing an Adam and Eve pattern and has completed an ABC corrective move. The trader believes that DOGE is solidifying its position after consolidating for two weeks following a capitulation event. Bluntz practices the Elliott Wave theory, which suggests that an asset tends to witness a five-wave rally after concluding an ABC-wave correction. An Adam and Eve pattern indicates that an asset is bottoming out as bulls build a price floor in preparation for a leg up.
Based on Bluntz's chart, he seems to suggest that DOGE will rally to $0.34. At the time of writing, Dogecoin is trading for $0.251.
In addition to his bullish outlook on DOGE, Bluntz has also warned crypto bulls with positions in layer-1 protocol Hyperliquid (HYPE) about an impending deep drawdown. He predicts that HYPE will crush its diagonal support and fall below $20. At the time of writing, HYPE is trading for $24.14, down over 5% on the day.
Bluntz's predictions come as the crypto market continues to navigate a volatile landscape, with investors and traders alike seeking opportunities for growth and profit. As the market evolves, it remains crucial for participants to stay informed and adapt to changing conditions.
