Analyst Predicts More Rallies for Two of the ‘Strongest’ Memecoins, Hints at More Altcoin Explosions
An analyst who has earned the “Master Trader” rank on the crypto exchange Bybit believes more rallies are in store for two meme assets.
Pseudonymous trader Bluntz tells his 324,600 followers on the social media platform X that he thinks the memecoin Pudgy Penguins (PENGU) will rise about 66% from current levels before completing a five-wave surge.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally.
Says the trader,
“PENGU has been a standout leader over the last week, now looking like it’s in quite an obvious wave three to the upside here on the daily.
Anticipate this to test prior all-time highs and potentially beyond over the next month or so.
Has insane normie appeal and basically launched in a meme bear market, so it never had a proper price discovery run, but I think its time has come.”
Looking at the trader’s chart, he seems to suggest that PENGU will soar to $0.055. At time of writing, PENGU is worth $0.0327.
Another memecoin on the trader’s radar is Bonk (BONK), which he thinks is following in the footsteps of PENGU.
“From all the major memes, BONK and PENGU are two of the strongest that have taken out their major may high resistances already. Fortunately, PENGU is leading and showing the way for BONK over the coming weeks.
I am long both of these coins.”
The trader appears to be predicting that BONK will soar to $0.000043. At time of writing, BONK is trading at $0.00003.
As for the broader altcoin market, the trader says he’s keeping an eye on the Bitcoin Dominance (BTC.D) chart, which tracks how much of the crypto market cap belongs to BTC.
Bluntz hints that the bearish divergence on the Bitcoin dominance chart is now playing out, suggesting that altcoins are poised to rise faster than BTC in the current bullish environment.
A bearish divergence is a signal indicating waning momentum for an asset or index.
“BTC.D proper breaking down now, love to see it.”
At time of writing, BTC.D is hovering at 63.73%.
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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.
Generated Image: Midjourney
The post Analyst Predicts More Rallies for Two of the ‘Strongest’ Memecoins, Hints at More Altcoin Explosions appeared first on The Daily Hodl.
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Analyst Predicts More Rallies for Two of the ‘Strongest’ Memecoins, Hints at More Altcoin Explosions
An analyst who has earned the “Master Trader” rank on the crypto exchange Bybit believes more rallies are in store for two meme assets.
Pseudonymous trader Bluntz tells his 324,600 followers on the social media platform X that he thinks the memecoin Pudgy Penguins (PENGU) will rise about 66% from current levels before completing a five-wave surge.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally.
Says the trader,
“PENGU has been a standout leader over the last week, now looking like it’s in quite an obvious wave three to the upside here on the daily.
Anticipate this to test prior all-time highs and potentially beyond over the next month or so.
Has insane normie appeal and basically launched in a meme bear market, so it never had a proper price discovery run, but I think its time has come.”
Looking at the trader’s chart, he seems to suggest that PENGU will soar to $0.055. At time of writing, PENGU is worth $0.0327.
Another memecoin on the trader’s radar is Bonk (BONK), which he thinks is following in the footsteps of PENGU.
“From all the major memes, BONK and PENGU are two of the strongest that have taken out their major may high resistances already. Fortunately, PENGU is leading and showing the way for BONK over the coming weeks.
I am long both of these coins.”
The trader appears to be predicting that BONK will soar to $0.000043. At time of writing, BONK is trading at $0.00003.
As for the broader altcoin market, the trader says he’s keeping an eye on the Bitcoin Dominance (BTC.D) chart, which tracks how much of the crypto market cap belongs to BTC.
Bluntz hints that the bearish divergence on the Bitcoin dominance chart is now playing out, suggesting that altcoins are poised to rise faster than BTC in the current bullish environment.
A bearish divergence is a signal indicating waning momentum for an asset or index.
“BTC.D proper breaking down now, love to see it.”
At time of writing, BTC.D is hovering at 63.73%.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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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.
Generated Image: Midjourney
The post Analyst Predicts More Rallies for Two of the ‘Strongest’ Memecoins, Hints at More Altcoin Explosions appeared first on The Daily Hodl.
Read More