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, which is still 49% below its all-time high of $0.731.
Elliott Wave Theory Points to $0.85
Bluntz highlighted on social media platform X that DOGE has established a strong support level around $0.339. From this foundation, he expects an upward move. Using Elliott Wave Theory, he predicts that $0.85 could represent the peak of a five-wave rally.
Bluntz stated, “Once DOGE’s new rally begins, it will likely draw liquidity away from smaller meme coins.” While DOGE has shown a steady pattern this week, the trader expects increased momentum as the weekend approaches, declaring, “This week will be DOGE’s week.”
For an ideal scenario, Bluntz envisions a parabolic rise, though he emphasized the need for a steady and gradual price increase to support sustained growth.
Uncertainty and Opportunities for DOGE Investors
DOGE’s future remains a hot topic among investors. However, the inherent volatility of the crypto market continues to pose challenges. Bluntz’s optimistic forecast encourages DOGE investors while also reminding them of the associated risks.
Whether DOGE will reach its $0.85 target will become clearer in the coming days. Factors like technical analysis, market psychology, and investor behavior will play key roles in determining its trajectory.
Bluntz’s prediction serves as a reminder of the dual nature of the crypto market, where significant opportunities are often accompanied by considerable risks. Investors are advised to approach with caution and remain informed.
As reported by Dey There, these insights highlight the potential for DOGE to achieve new heights while underscoring the importance of strategic investing in a dynamic market.
Dogecoin, Elliott Wave Theory, $0.85 target, crypto market, investor risks
