Analyst Predicts More Rallies for Meme Assets Pudgy Penguins and Bonk
An analyst known as Bluntz, who has achieved the “Master Trader” rank on the popular crypto exchange Bybit, has shared his insights on the potential future price movements of two meme assets.
Pudgy Penguins (PENGU) Price Prediction
Bluntz, who follows the Elliott Wave theory, believes that Pudgy Penguins (PENGU) is on track for a significant rally. He anticipates a 66% increase in the price of PENGU as the asset completes a five-wave surge. Currently trading at $0.0327, Bluntz suggests that PENGU could reach $0.055 in the near future.
In a recent social media post, Bluntz stated, “PENGU has been a standout leader over the last week, now looking like it’s in quite an obvious wave three to the upside here on the daily. Anticipate this to test prior all-time highs and potentially beyond over the next month or so.”
Bonk (BONK) Following PENGU’s Lead
Bluntz is also bullish on Bonk (BONK), another memecoin that he believes is mirroring the price action of PENGU. With PENGU setting the pace, Bluntz predicts that BONK could see a significant increase in value. Currently priced at $0.00003, he suggests that BONK could reach $0.000043 in the coming weeks.
“From all the major memes, BONK and PENGU are two of the strongest that have taken out their major may high resistances already. Fortunately, PENGU is leading and showing the way for BONK over the coming weeks. I am long both of these coins,” Bluntz shared.
Altcoin Market Outlook
Aside from specific meme assets, Bluntz is keeping an eye on the Bitcoin Dominance (BTC.D) chart to gauge the overall altcoin market sentiment. He notes a bearish divergence on the BTC dominance chart, signaling a potential shift in market dynamics favoring altcoins over BTC.
“BTC.D proper breaking down now, love to see it,” Bluntz remarked. With BTC.D currently at 63.73%, the analyst suggests that altcoins may outperform Bitcoin in the current bullish environment.
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Image Source: Midjourney