Trader bullish on Dogecoin's surge

A prominent cryptocurrency analyst is turning bullish on Dogecoin (CRYPTO:DOGE) and Ethereum (CRYPTO:ETH), suggesting both assets are poised for significant price movements in the near future.

The pseudonymous trader Bluntz, known for making accurate altcoin predictions, posted to his 306,000 followers on X that Dogecoin is showing signs of a strong upward trend.

According to Bluntz, DOGE is in the early stages of a five-wave rally based on Elliott Wave theory.

This theory suggests that an asset experiences a five-wave upward movement before a corrective ABC-wave.

Bluntz pointed out that the recent movement of DOGE indicates it is in an "undeniably impulsive" phase.

He predicts that Dogecoin is set to break fresh highs above $0.50, with a target of potentially reaching $0.60 before the rally concludes.

Bluntz is also monitoring the DOGE/BTC trading pair, suggesting that Dogecoin will outperform Bitcoin as the bull market progresses.

He noted that the pair is still accumulating, and expects a significant rise before the market cycle ends.

In addition to Dogecoin, Bluntz is also bullish on Ethereum, believing that the second-largest cryptocurrency is showing signs of bullish momentum on both its USD and BTC trading pairs.

He highlighted a recent breakout in the ETH/USD pair and noted that Ethereum is forming a higher low on the ETH/BTC chart, signaling that its relative underperformance may be over.

"Clowning on ETH is easy and fun until it isn’t," Bluntz stated, hinting that Ethereum’s price performance may soon surprise sceptics.

At the time of reporting, the Dogecoin (DOGE) price was $0.3933.