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A closely followed crypto trader and Elliott Wave specialist is forecasting rallies for several altcoins amid a correction in the digital asset markets.
Pseudonymous trader Bluntz tells his 304,000 followers on the social media platform X that the utility token for decentralized oracle service Pyth Network (PYTH) has broken out of a bull flag pattern.
Bluntz’s chart also suggests that PYTH is in the midst of a five-wave impulse to around the $0.50 level.
“Solana ecosystem looking good again, nice bull flag PYTH breakout.
Looking impulsive.”
Bluntz practices Elliott Wave theory, which states that a bullish asset tends to go through a five-wave move up before an ABC correction. Based on the trader’s chart, he seems to suggest that PYTH is on the verge of starting its fifth-wave surge following the bull flag breakout.
At time of writing, PYTH is trading at $0.431.
Bluntz is also bullish on memecoins, saying that the sector may be gearing up for a revival that will “catch a few off guard.”
The trader names the Solana-based Dogecoin (DOGE) rival Bonk (BONK) as a potential candidate for leading a memecoin resurgence. He says BONK has likely completed an ABC-wave correction downward, suggesting an imminent rally, as per Elliot Wave theory.
“BONK has pulled back 46% from the highs and looks like a clear three-wave move down.
Looks like a really good dip to buy in my opinion, sales like this don’t come around that often.
I am betting on fresh all-time highs still to come.”
Looking at the trader’s chart, he seems to suggest that BONK will surge close to $0.00007 before ending its five-wave ascent.
At time of writing, BONK is trading at $0.0000347.
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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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