A cryptocurrency strategist who gained popularity after accurately predicting the Bitcoin (BTC) bottom in 2018 is optimistic about a particular memecoin that could ignite further rallies.
The pseudonymous analyst, known as Bluntz, shares with his 277,200 followers on the social media platform X that he believes the frog-themed Ethereum (ETH)-based meme token, Pepe (PEPE), is on the brink of a bullish upswing following a recent price pullback.
The trader has provided a chart indicating that PEPE may rise to approximately $0.000014 before concluding its five-wave movement.
“What a nice little PEPE dip this Sunday evening; I think it’s due to bottom out around here any moment now.
There are still multiple [legs up] to come, in my view, and this is an absolutely massive trend.”
Bluntz employs the Elliott Wave theory, which posits that a bullish asset usually experiences a five-wave rally before reaching its peak. This theory also suggests that a bullish asset typically rises after completing an ABC correction.
From the trader’s chart, it appears that PEPE may have finalized an ABC pullback amid a wave three surge.
At the time of writing, PEPE is valued at $0.0000105.
Switching gears to another meme token, dogwifhat (WIF), the trader presents a chart indicating that this Solana (SOL)-based altcoin has broken through a diagonal resistance area that has kept the crypto asset in a bearish trend for several months.
“GM (good morning), my hatted friends.”
As of now, WIF trades at $2.44, well positioned above the diagonal resistance.
Another memecoin catching the trader’s interest is Popcat (POPCAT). According to Bluntz, POPCAT appears ready to breakout and reach new all-time highs.
“Le POPCAT looking strong again here, showing a nice ABC down on the 4-hour chart just below all-time highs; the next move should break through.
I’m starting to find it hard to make room for all the bags I want to hold now, with so many looking promising.”
Based on the trader’s analysis, he suggests that POPCAT could surge to a new record high of $1.25.
At the moment, POPCAT is priced at $0.95.
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Disclaimer: The views expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that your transfers and trades are at your own risk, and any potential losses you incur are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it serve as an investment advisor. The Daily Hodl also participates in affiliate marketing.
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