Solana (SOL)-based memecoin is likely to have a strong week despite recent corrections, said a cryptocurrency strategist with the ‘Master Trader’ rating on cryptocurrency exchange Bybit.
Bonk (BONK) appears to be in the midst of a five-wave rally, pseudonymous analyst Bluntz told his 278,100 followers on social media platform
Bluntz is a popular practitioner of Elliott Wave theory, which states that bullish assets tend to witness five-wave rallies.
The trader shares a chart that suggests BONK will rise to $0.000033.
“I think the Swift Post Weekly Dip is ideal here. BONK is in a prime location for Turbo Green Week.
It soon becomes parabolic.”
As of this writing, BONK is trading at $0.000024, up from a 24-hour low of about $0.0000216.
The trader also shares a chart comparing the price performance of BONK with fellow memecoin Pepe (PEPE). According to Bluntz, BONK appears poised to outperform PEPE after printing a bullish high-low setup.
“It seems like the leadership torch is being passed from PEPE to BONK.
Higher lows are recorded on the Bonk/Pepe chart.”
In the case of PEPE, traders believe the recent decline sets up the memecoin for the next rally.
“I still think this PEPE dip is wave 4 and an absolute gift to the brothers on the sidelines.
“If you rush, it escalates to violence.”
Based on the trader charts, he appears to be predicting that PEPE will rally to $0.000013 before concluding a small five-wave rally.
As of this writing, PEPE is worth $0.00001.
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