A well-known cryptocurrency analyst and trader, who goes by the pseudonym Bluntztells, has expressed a bullish outlook on Shiba Inu (SHIB), the second-largest memecoin by market capitalization. Bluntztells, who has a following of 302,600 on the social media platform X, believes that a “god candle” is forming for SHIB. This massive candlestick represents a rapid and sustained upward price movement. The memecoin is attempting to break above a resistance level that has been in place since March, making the god candle significant.
According to Bluntztells, the retail investing crowd is likely to drive the pump for SHIB when the meme bid returns. He believes that SHIB is a dinosaur coin that many people still hold in their wallets from the previous cycle. As of now, SHIB is trading at $0.0000316.
Bluntztells also expresses a bullish sentiment towards Dogecoin. He applies the Elliott Wave theory in his technical analysis and notes that Dogecoin has formed a five-wave pattern on the four-hour chart of its USD pair and the eight-hour chart of its BTC pair. The Elliott Wave theory suggests that the price of an asset moves in a five-wave pattern during the main trend, with corrections occurring in a three-wave pattern.
Bluntztells sees this as an opportunity to enter DOGE before a breakout occurs, emphasizing that all waves within the triangle have been accounted for on both the USD and BTC pairs. Dogecoin is currently trading at 0.00000430 BTC ($0.436).
Please note that the opinions expressed by Bluntztells and this article are not investment advice. Investors should conduct their own research and due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor.
