Dogecoin ($DOGE) Could Soon See a Significant Breakout, Prominent Crypto Analyst Bluntz Capital Claims

In a post shared on the microblogging platform X (formerly known as Twitter) with his over 300,000 followers, analyst Bluntz Capital said that DOGE

A cryptocurrency analyst with a substantial social media following, having notably called Bitcoin’s 2018 bear market bottom above $3,000, has shared his thoughts on the next cryptocurrency to watch.

The analyst, known as Bluntz Capital, recently posted on the microblogging platform X (formerly known as Twitter) to his over 300,000 followers that Dogecoin ($DOGE), when paired with BTC, has been “coiling for 3 weeks now in the final stages of a triangle” and is due for a breakout.

Bluntz went on to say that, per his analysis, DOGE is likely to see a 4x surge in the “final month of the bull [market] as is tradition.”

According to Bluntz, the key to unlocking this surge lies in Dogecoin’s ability to overcome its diagonal resistance level, which is currently situated 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 reach 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 in the last 24-hour period and surging 180% in the last 30 days.

Bluntz is also bullish on the broader cryptocurrency market, particularly in the month of December. He believes that top memecoins, including Dogecoin, PEPE, and SHIB, will lead the charge, driven in part by increasing retail interest.

The analyst noted that these memecoins are already experiencing higher trading volumes than some of their more established counterparts, such as Solana, despite having significantly smaller market capitalizations.

Bluntz's analysis comes as Dogecoin has been making waves in the crypto community once again. The coin recently surged to a new 2023 high of $0.43 after Elon Musk, CEO of Tesla and SpaceX, posted a meme about buying the coin to his over 130 million followers on the microblogging platform.

As reported by Finbold, Musk's post, which featured an image of himself lying in bed with Dogecoin, sparked a buying frenzy among traders, pushing the coin up by more than 10% within an hour.

Dogecoin surged to a record high of $0.74 in May 2021, largely driven by Musk's enthusiastic support and the coin's integration into several mainstream payment platforms. However, the coin has since lostかなりの価値があり、現在、2023 年の最高値から約 45% 下落しています。

Bluntz, who is known for his technical analysis of the cryptocurrency market, has previously shared his thoughts on Dogecoin, predicting in March 2021 that the coin would hit $1 within a year. While Dogecoin did not reach $1 within the specified timeframe, it did rally to a record high of $0.74 in May 2021.

Bluntz's analysis of Dogecoin and the broader cryptocurrency market is closely followed by traders and investors in the crypto community, given his successful track record in calling major market movements.