A well-known crypto trader and expert in Elliott Wave analysis is predicting potential rallies for a variety of altcoins amidst a market correction in the digital asset space.
The trader, known as Bluntz, has a substantial following of 304,000 individuals on the social media platform X. According to Bluntz, the decentralized oracle service Pyth Network’s utility token (PYTH) has recently broken out of a bull flag pattern.
Bluntz’s analysis indicates that PYTH is currently in the midst of a five-wave impulse that could potentially lead the token to reach around the $0.50 mark. The trader’s chart suggests that the Solana ecosystem is showing positive signs once again, with PYTH’s bull flag breakout appearing to be impulsive in nature.
Employing Elliott Wave theory, Bluntz suggests that PYTH may be on the verge of initiating its fifth-wave surge following the recent breakout. As of the time of writing, PYTH is trading at $0.431.
In addition to PYTH, Bluntz also expresses optimism towards memecoins, hinting at a potential resurgence that may catch many off guard. The trader specifically mentions Bonk (BONK), a Solana-based memecoin that could be poised for a significant rally. Bluntz highlights that BONK has likely completed an ABC-wave correction downwards, indicating a potential uptrend in line with Elliott Wave theory.
Based on Bluntz’s analysis, BONK could potentially surge towards $0.00007 before completing its five-wave ascent. Currently, BONK is trading at $0.0000347.
As the market continues to evolve, it’s essential to stay informed about the latest developments. By subscribing to email alerts and monitoring price action, investors can stay ahead of the curve. Follow platforms like X, Facebook, and Telegram for timely updates and insights.
In conclusion, Bluntz’s analysis provides valuable insights into potential opportunities within the crypto market. With a keen eye on technical analysis and market trends, traders can navigate the digital asset space with more confidence and precision. Stay tuned for further updates and developments in the crypto space.