A crypto strategist with the rank of “Master Trader” at the crypto exchange Bybit says that a Solana (SOL)-based memecoin appears poised to have a strong week despite the latest correction.
Pseudonymous analyst Bluntz tells his 278,100 followers on the social media platform
Bluntz is a popular practitioner of the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally.
The trader shares a chart indicating that BONK will rise to $0.000033.
“A quick post-weekly dip here, which is ideal, BONK is in a great position for a turbo green week, in my opinion.
A parabola soon.”
At the time of writing, BONK is trading at $0.000024, up from a 24-hour low of around $0.0000216.
The trader also shares a chart comparing BONK’s price performance with fellow memecoin Pepe (PEPE). According to Bluntz, BONK appears poised to outperform PEPE after a bullish higher-low setup.
“It appears that the leadership torch is being passed from PEPE to BONK.
Higher lows are placed on the bonk/pepe chart.”
As for PEPE, the trader thinks the latest dip sets the memecoin up for the next move.
“I still think this PEPE dip is a wave 4 and an absolute gift to the sidelined brothers.
Urgently, violently higher.”
Based on the trader’s chart, he appears to be predicting that PEPE will rise to $0.000013 before concluding a small five-wave rally.
At the time of writing, PEPE is worth $0.00001.
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Generated image: Midjourney