Crypto trader Bluntz has made a bold price prediction for Dogecoin (DOGE) based on Elliott Wave Theory. According to his analysis, DOGE could begin a new uptrend, potentially reaching $0.85. At the time of writing, DOGE is trading at $0.372, still 49% lower than its all-time high of $0.731.
Elliott Wave Theory indicates a level of $0.85
Bluntz emphasizes on social media platform X that DOGE has established strong support around $0.339. From this level, he expects an upward move. Using Elliott Wave Theory, he predicts that $0.85 could represent the peak of a five-wave rally.
Bluntz states, 'When the new bull run of DOGE begins, it is likely to attract liquidity from smaller meme coins.' Although DOGE has shown a stable pattern this week, this trader expects the upward momentum to increase as the weekend approaches, stating, 'This week will be DOGE's week.'
In an ideal scenario, Bluntz envisions a parabolic increase, although he emphasizes the need for steady and gradual bullish momentum to support sustainable growth.
The volatility and opportunities for DOGE investors
The future of DOGE remains a hot topic among investors. However, the inherent volatility of the cryptocurrency market continues to pose challenges. Bluntz's optimistic forecast encourages DOGE investors while also reminding them of the associated risks.
Whether DOGE will reach the target of $0.85 will become clearer in the coming days. Factors such as technical analysis, market sentiment, and investor behavior will play a crucial role in determining its trajectory.
Bluntz's prediction serves as a reminder of the dual nature of the cryptocurrency market, where significant opportunities often come with substantial risks. Investors are advised to approach cautiously and stay informed.
According to the report from @blogtienso , these insights highlight the potential of DOGE to reach new heights while emphasizing the importance of strategic investment in a dynamic market.
