An analyst who has earned the rank of “Master Trader” at the cryptocurrency exchange Bybit believes that one frog-themed memecoin will leave most digital assets in the dust.
Pseudonymous trader Bluntz tells his 276,300 followers on social media platform
The trader shares a chart that suggests PEPE could rise to $0.22.
“I like to map all my meme positions against each other to gauge what looks strongest and then designate whichever one that is as my biggest bag.
Of course it’s healthy to have some diversification, but I always try to have my largest position in the fastest horse.
The fastest horse (of my bags) seems to be PEPE.
At the time of writing, PEPE is trading at $0.000112, up over 5% on the day.
Another altcoin on the trader’s radar is Sui (SUI), a tier-1 crypto project that many are calling the Solana (SOL) killer.
According to Bluntz, SUI appears to be in the midst of a three-wave rally and he sees the altcoin bursting close to $2.60 before the five-wave rally ends.
“SUI is just a certified beast at this point, any dip at four o’clock makes it look ABC and keeps trucking higher, even this one.
Certainly still in a macro wave three and there hasn’t even been a wave four yet.”
Bluntz relies on the Elliott Wave theory, which states that a bullish asset tends to witness a wave of five waves, with waves one, three and five serving as impulsive upward bursts and waves two and four as correction periods. It also suggests that a bullish asset often rises after an ABC correction.
Based on the trader’s chart, he seems to suggest that SUI will rise above $2 for the third wave, before correcting and rallying to new all-time highs.
At the time of writing, SUI is worth $1.71.
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Generated image: DALLE3