A widely known cryptocurrency analyst and trader is expressing a bullish outlook on the low-cost Mimecoin based on the Solana (SOL) blockchain.
The analyst, known by the pseudonym Blunts, told his 265,500 followers on social media platform X that PONKE (PONKE) is showing a bullish structure after breaking out of an ascending channel and turning the upper boundary of the ascending channel into a support level.
At the time of writing, PONKE is trading at $0.681, up about 7,238% from its low of $0.00928 on January 3rd.
Moving on to Bitcoin (BTC), a well-known trader who regularly applies the Elliott Wave Theory in technical analysis says that BTC has completed a three-wave move down on the 1-hour chart and is now ready to move up. The Elliott Wave Theory states that the main trend of an asset’s price moves in a five-wave pattern, while corrections occur in a three-wave pattern.
Based on Blunts’ chart, the anonymous analyst seems to be suggesting that the three-wave downtrend occurred within a major uptrend five-wave pattern. The analyst also seems to be suggesting that Bitcoin could complete the five-wave pattern just below the $70,000 price level.
Blunts also said that the U.S. dollar is likely to weaken in the coming months, which would have a positive impact on cryptocurrencies.
“The US Dollar Index (DXY) has been on fire all week, but is still in a high time frame range for the year. I see it going from here to around 102 over the next few months.
I think it’s very good for cryptocurrencies and risk.”
The US Dollar Index is currently at 104.33 points.
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Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
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