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A trader who continues to build a following with macro crypto calls thinks that top memecoin Dogecoin (DOGE) is about to ignite steep rallies.
Pseudonymous analyst TechDev tells his 467,500 followers on the social media platform X that Dogecoin appears to be mirroring a pattern witnessed during the 2020 cycle.
The trader shares a chart suggesting that DOGE appears to be in the process of flipping a key resistance level into support prior to a big burst to the upside.
The trader’s chart also shows that he thinks the altcoin market is about to spark surges, arguing that “as goes DOGE, so goes the alt market.”
At time of writing, DOGE is trading for $0.106, a slight decrease on the day.
Turning to Bitcoin, the trader shares a chart suggesting that BTC is gearing up for the final leg up of its cycle.
Based on the trader’s chart, he seems to suggest that Bitcoin is following cycles of global liquidity based on a metric that pits the Chinese 10-year bonds (CN10Y) against the seasonally adjusted US money supply (M2NS). According to TechDev, Bitcoin tends to print cycle highs when the global liquidity metric erupts, not when it goes down.
To support his bullish stance on BTC, the trader shares another chart hinting that Bitcoin appears to be mimicking its 2016 cycle. The trader’s chart shows that just like in 2016, Bitcoin has completed an ABC corrective move on the two-month time frame while a momentum indicator, the relative strength index (RSI), looks poised for a recovery after cooling down from 68 to 62.
During the 2016 cycle, Bitcoin ignited a massive rally that saw BTC rise from around $300 to its high of about $20,000.
At time of writing, BTC is worth $60,241.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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