A trader who continues to amass a following with timely crypto calls has outlined a price path that could propel Dogecoin (DOGE) to all-time highs.
Pseudonymous analyst Brandts told his 292,900 followers on social media platform That's what he said.
The trader shared a chart that suggests DOGE could soar to an all-time high of $0.85 before ending its five-wave rally.
“Nothing changed, just a nice low timeframe dip of 23%. I'm counting it as a fourth wave within a monster-extended third wave impulse.”
When the next DOGE rally begins, it will likely start sucking liquidity from smaller memes again. The only reason they worked so hard this week, in my opinion, is because DOGE was relaxing for 5 days.
I think this week will be DOGE week. ”
Brandts practices Elliott Wave Theory. Elliott Wave Theory is a technical analysis approach that attempts to predict future price movements according to crowd psychology, which tends to manifest as waves. According to the Elliott Wave principle, bullish assets often witness five-wave rallies. In this case, waves 1, 3, and 5 are upward movements, and waves 2 and 4 are correction periods.
At the time of writing, DOGE is trading at $0.372, down 49% from its all-time high of $0.731.
Zooming in, Brandts shares his predictions for DOGE: come day to day.
“The ideal scenario for DOGE would be a slow rise over the next few days, potentially setting the stage for another parabolic breakout later this week similar to last week…
I think DOGE will be gently reminding everyone who is king this week. ”
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