A closely watched crypto trader and Elliott Wave specialist is predicting rallies for several altcoins amid a correction in the digital asset markets.
Pseudonymous trader Bluntz tells his 304,000 followers on social media platform X that the utility token for decentralized oracle service Pyth Network (PYTH) has broken out of a bull flag pattern.
Bluntz’s chart also suggests that PYTH is in the midst of a five-wave boost towards around the $0.50 level.
“The Solana ecosystem is looking good again, nice bullflag PYTH outbreak.
Looks impulsive.”
Bluntz applies Elliott Wave theory, which states that a bullish asset tends to move up for five waves before an ABC correction occurs. Based on the trader’s chart, he seems to suggest that PYTH is about to enter its fifth wave of trading after the bull flag breakout.
At the time of writing, PYTH is trading at $0.431.
Bluntz is also optimistic about memecoins, proverb that the industry may be gearing up for an upturn that will “catch a few by surprise.”
The trader names Solana-based Dogecoin (DOGE) rival Bonk (BONK) as a potential candidate to lead a memecoin resurgence. He says BONK has likely completed a downward ABC wave correction, indicating an impending rally, according to the Elliot Wave theory.
“BONK has retreated 46% from highs and looks like a clear three-wave move to the downside.
Seems like a very good dip to buy, these types of sales don’t happen that often.
I’m betting there will be new record highs.”
Looking at the trader’s chart, he seems to suggest that BONK will rise close to $0.00007 before ending its five-wave rise.
At the time of writing, BONK is trading at $0.0000347.
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Generated image: DALLE3