A cryptocurrency strategist holding a “Master Trader” rank on the Bybit exchange believes that a Solana (SOL)-based memecoin is set for a noteworthy week despite a recent downturn.
The pseudonymous analyst Bluntz informs his 278,100 followers on X that Bonk (BONK) seems to be experiencing a five-wave upward movement.
Bluntz is recognized for using the Elliott Wave theory, which posits that a bullish asset typically undergoes a five-wave increase.
The trader provides a chart indicating that BONK could rise as high as $0.000033.
“Quick post weekly dip here which is ideal, BONK is in a perfect position for a strong green week, in my view.
Parbola is on the horizon.”
At the time of writing, BONK is valued at $0.000024, bouncing back from its 24-hour low of about $0.0000216.
The trader also presents a chart that compares BONK’s price action to that of another memecoin, Pepe (PEPE). Bluntz suggests that BONK is likely to outpace PEPE following a bullish higher-low pattern.
“It appears that the leadership baton is being passed from PEPE to BONK.
A higher low is forming on the bonk/pepe chart.”
Regarding PEPE, the trader believes the recent dip has positioned the memecoin for its next upward move.
“I still see this PEPE dip as wave 4, making it a fantastic opportunity for those on the sidelines.
Expect it to surge upward swiftly.”
The trader’s chart suggests that PEPE may rise to $0.000013 before completing a minor five-wave pattern.
As of now, PEPE is trading at $0.00001.
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Disclaimer: The views expressed at The Daily Hodl do not constitute investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are done at your own risk, and any losses are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor do they serve as an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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