A prominent cryptocurrency analyst who gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000 recently revealed that he believes the price of Dogecoin (DOGE), inspired by the meme, could soon experience a significant breakout.
In a post shared on microblogging platform the final stages of a triangle” and should be ahead of a breakout.
In his words, DOGE will likely experience a 4x increase in the “last month of the bull (market), as is tradition.”
https://twitter.com/Bluntz_Capital/status/1863716670734471373
According to Bluntz, the key to unlocking this surge lies in Dogecoin’s ability to overcome its diagonal resistance level, currently located around $0.50. Once this hurdle is cleared, he predicts that the subsequent price movement will be “violent,” mirroring the coin’s previous breakout.
A chart shared by Bluntz appears to indicate that he expects Dogecoin to hit a new all-time high above $0.90. At the time of writing, the coin is trading at $0.404 after losing around 6.8% of its value over the past 24 hours and after surging 180% over the past 30 days.
Bluntz is also bullish on the broader cryptocurrency market, particularly in the month of December. He believes top memecoins, including Dogecoin, PEPE, and SHIB, will lead the charge, thanks in part to increased retail interest.
The analyst noted that these memecoins are already seeing higher trading volumes than some of their more established counterparts, such as Solana, despite having significantly lower market capitalizations.
Featured image via Unsplash.