Crypto Analyst Predicts Breakout For Two Dogecoin Rival: 'Meme Season Feels Like It Is Heating Up Again'

An anonymous analyst, Bluntz, has a positive outlook on two meme cryptocurrencies, Dogwifhat (CRYPTO: WIF) and Pepe Coin (CRYPTO: PEPE). 

What Happened: Following principles from the Elliott Wave theory, Bluntz said that WIF shows signs of growth. “WIF has essentially been trading in a large accumulation base since inception, with constant impulsive rises and constant clear corrective three-wave moves back down, each time forming a higher low,” explains Bluntz.

The analyst predicts that the token’s consistent pattern indicates an imminent breakout. "Eventually, this base breaks out and moves higher, and many will be surprised, but the signs were there."

 The Elliott Wave theory in cryptocurrency is a technical analysis tool that interprets market cycles and investor psychology through a patterned model of waves. It predicts future price action by identifying repetitive wave patterns: a five-wave impulse phase (indicating direction) followed by a three-wave corrective phase. Crypto traders use it to anticipate potential trend reversals or continuations in the volatile crypto markets.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: According to an analysis chart from Bluntz, WIF appears to be on the threshold of a breakout from what is technically known as an ascending triangle pattern, with a potential target price of $1.40. Currently, the token is trading at $0.63.

Bluntz suggests that Pepe, too, has concluded a typical three-wave correction and might be gearing up for an ascent, aiming for his specified target of $0.0000022, after having witnessed “a nice steady push higher” through the weekend.

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