A crypto strategist who boosted his following after hitting the Bitcoin (BTC) 2018 bottom believes one memecoin is gearing up to spark more rallies.
Pseudonymous analyst Bluntz tells his 277,200 followers on social media platform
The trader shares a chart that suggests PEPE will rise close to $0.000014 before the five-wave wave ends.
“Nice little PEPE dip this lovely Sunday evening, I think it should bottom out here any minute now.
There are still many [legs up] in my opinion, and this is an absolute monster trend.
Bluntz applies the Elliott Wave theory, which states that a bullish asset tends to see a five-wave rally before reaching its peak. The theory also states that a bullish asset typically recovers after the conclusion of an ABC correction.
Looking at the trader’s chart he seems to suggest that PEPE has completed an ABC pullback amid a wave three wave.
At the time of writing, PEPE is trading at $0.0000105.
Turning to fellow meme token dogwifhat (WIF), the trader shares a chart suggesting that the Solana (SOL)-based altcoin has cleared a diagonal resistance area that has kept the crypto asset bearish for months.
“GM (good morning) my shepherded brethren.”
At the time of writing, WIF is worth $2.44, well above diagonal resistance.
Another memecoin on the trader’s radar is Popcat (POPCAT). According to Bluntz, POPCAT appears poised to break out and reach new all-time highs.
“Le POPCAT is looking good again here, nice ABC on the 4-hour chart just below all-time highs, the next leg should break.
I’m now starting to have trouble finding space for all the bags I want, too many look great.
Based on the trader’s chart, he seems to suggest that POPCAT will rise to a new all-time high of $1.25.
At the time of writing, POPCAT is worth $0.95.
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Generated image: Midjourney