The crypto strategist who nailed the Bitcoin (BTC) native high in January believes that the memecoin Pudgy Penguins (PENGU) is gearing up for an additional upside burst.
The pseudonymous analyst Bluntz tells his 326,600 followers on the social media platform X that PENGU seems to be poised for a wave-five surge.
The dealer depends on Elliott Wave concept, which states {that a} bullish asset tends to witness a five-wave rally, with waves one, three and 5 serving as upside strikes and waves two and 4 performing as corrective intervals.
Says Bluntz,
“This seems to be just like the PENGU wave 4, for my part. For those who missed the final run up and have been patiently ready for the pullback, it is a good one to bid. Good 33% dip after a giant run-up is completely regular.”
Wanting on the dealer’s chart, he appears to foretell that PENGU will soar above $0.05 earlier than ending its five-wave rally. At time of writing, PENGU is price $0.0357, up over 7% up to now day.
One other meme token on the dealer’s radar is Bonk (BONK). Bluntz says the altcoin is flashing a bullish divergence on the four-hour chart, indicating that purchasing momentum is on the up and up for the altcoin regardless that its value goes down.
Merchants maintain a watch out for cash displaying a bullish divergence, because it alerts {that a} reversal to the upside is on the horizon.
“Seemingly going to be a cracking four-hour bullish divergence on BONK, most likely a great spot to bid right here.”
At time of writing, BONK is price $0.000026, up practically 5% on the day.
The final memecoin on the dealer’s radar is Ineffective Coin (USELESS), which the dealer says will possible enter a corrective part after finishing a five-wave rally.
“That’s 5 up on USELESS from inception [up to] now. Might be bidding this once more sooner or later after the correction to the inevitable billions in market cap, however as in all issues, timing is all the pieces.”
At time of writing, USELESS is price 0.246.
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