A cryptocurrency strategist who has strengthened his following since Bitcoin (BTC) bottomed in 2018 believes one memecoin is poised to spark more upside.
Pseudonymous analyst Bluntz told his 277,200 followers on social media platform
The trader shares a chart that suggests PEPE will bounce close to $0.000014 before ending its five-wave surge.
“A little PEPE dip was nice on this sunny Sunday evening. I think we’re going to hit bottom around here soon.
“I think we still have a long way to go, and this is an absolutely monster trend.”
Bluntz practices Elliott Wave Theory, which states that bullish assets tend to have five-wave rallies before reaching highs. According to theory, bullish assets usually bounce after an ABC correction is completed.
Looking at the trader’s chart, it seems to suggest that PEPE has completed its ABC downtrend amidst a three-wave surge.
As of this writing, PEPE is trading at $0.0000105.
Turning to fellow meme token dogwifhat (WIF), the trader shares a chart that suggests the Solana (SOL)-based altcoin has cleared a diagonal resistance zone that had kept the cryptocurrency asset bearish for months.
“GM (good morning) dear brothers.”
As of this writing, WIF is worth $2.44, well above diagonal resistance.
Another memecoin on traders’ radar is Popcat (POPCAT). According to Bluntz, POPCAT appears poised to hit new all-time highs.
“Here, Le POPCAT looks good again and the next leg will break if ABC falls on the 4-hour chart just below its all-time high.
“I’m starting to struggle to find space for all the bags I want, but it looks so good.”
According to the trader’s chart, he seems to suggest that POPCAT will surge to a new high of $1.25.
As of this writing, POPCAT is worth $0.95.
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