Memecoins
Top Trader Says Blue-chip Rival Ethereum Will Surge, Outlines Path Ahead for Dogwifhat Memecoin
A widely followed cryptocurrency analyst and trader expresses bullish sentiment on a top 20 altcoin by market cap while updating his outlook on memecoin dogwifhat (Wireless).
The analyst known by the pseudonym Bluntz tell its 265,200 followers on social media platform X that the utility token of the NEAR protocol of the layer 1 blockchain (CLOSE) is about to go “much higher.”
According to Bluntz, NEAR has broken above the upper boundary of an ascending channel, a pattern generally considered bullish, on the four-hour chart.
“Slow-moving channel breakouts are among my favorite trading setups.
“The longer the pipeline lasts, the greater the final breakage.”
Source: Bluntz/X
Based on the pseudonymous analyst’s chart, it appears that Bluntz is suggesting that NEAR is mimicking a pattern similar to the one Bitcoin formed before breaking out of the market in late 2023. It also appears that Blunt is suggesting that NEAR could surge above $10 in the coming weeks, or about 63% above its current level.
NEAR is trading at $6.14 at the time of writing.
Turning to dogwifhat, the pseudonymous analyst who regularly applies Elliott Wave Theory in his technical analysis said that the memecoin has completed a three-wave corrective pattern on the 1-hour chart.
According to Elliott Wave Theory, the primary price trend of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern. Bluntz adds that an uptrend for most memecoins “will start up again soon.”
Source: Bluntz/X
WIF is trading at $2.45 at the time of writing.
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