Top Analyst Claims Bullish Action For Dogecoin, Updates Target For Another Altcoin

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The post Top Analyst Claims Bullish Action For Dogecoin, Updates Target For Another Altcoin appeared first on Coinpedia Fintech News

As Elon Musk confirmed his Twitter buyout for $44 billion, meme-king Dogecoin surged, making an upward move of more than 7% in the last 24hrs. This move has proved Dogecoin’s strong relation with Elon Musk’s actions and that he is, indeed, the self-proclaimed Dogefather. The main reason for this is that in April, Musk had claimed that he uses DOGE as a payment method for Twitter’s blue service.

In the early hours today, the Dogecoin price had captured $0.084 before experiencing a considerable setback. At the time of reporting, Dogecoin is selling at $0.081 after a surge of 7.86% in the last 24hrs.

A well-known crypto analyst and trader, anonymously known as Smart Contracter, portrays his bullish stance towards Dogecoin in the midst of the overall crypto market retracement. The analyst informs his 211,800 followers on Twitter that Dogecoin is flashing a bullish trend against Bitcoin (BTC).

As per the analyst, Dogecoin is displaying an inverted head and shoulder (IHS) pattern on the charts- something that he says has been building up for a year now

contemplating simply putting the rest of my #btc into $doge f or the next few months atleast.

this doge/btc chart most crazy bullish thing ive seen in a long time.

Almost a year long IHS breakout that barely any people are even talking about pic.twitter.com/vE1fOsyRgq

— Bluntz (@SmartContracter) October 27, 2022

At the start of this week, the analyst had informed people that, on the Bitcoin chart, Dogecoin is about to witness the breakout of a 12-month inverse head and shoulder pattern. He also said that once Dogecoin breaks this level, the currency will not bounce back.

Doge/btc so close to breaking a 12month+ Inverse head and shoulder, having tested this trend line 5 times already, when it eventually goes I don't think it'll come back and give people another chance to get in.

Its One of The best looking alt/Btc charts out there imo$doge pic.twitter.com/aM1nOMJgZR

— Bluntz (@SmartContracter) October 26, 2022

Next, before Smart Contracter wraps up his analysis, the analyst talks about Aave (AAVE), a DeFi protocol. He suggests that Aave is set to spike nearly 78% from its current trading range.

In addition, he predicts Aave would hit more than $150 in the next two months.