A well-known analyst in the crypto exchange Bybit, referred to as “Master Trader,” believes that an altcoin running on the Ethereum network is set to shine. The analyst, known as Bluntz, shared his insights with his 301,800 followers on X, predicting that the Ethereum-based decentralized oracle Chainlink (LINK) is gearing up for a five-wave surge towards a new all-time high.
Bluntz relies on the Elliott Wave theory, a technical analysis method that suggests a bullish asset typically experiences a five-wave rally. Expressing his confidence in LINK, Bluntz stated,
“Major breakout on LINK today, all you have to do is take one look at LINK/BTC before you realize that you are probably not late and still early. It underperformed pretty much everything for the entirety of the bull run and now seems to be playing turbo catch-up. Probably one of the very few I would categorize as a dino coin that isn’t complete vaporware.”
According to Bluntz’s chart analysis, he predicts that LINK could potentially reach a new high of $70. Currently, LINK is valued at $24.44.
Shifting focus to Near (NEAR), Bluntz expressed optimism towards this Ethereum competitor after it broke a diagonal resistance on its Bitcoin pair (NEAR/BTC).
“Revenge of the dinos. NEAR/BTC pair finally broke out.”
At the time of writing, NEAR is trading at $7.42. Additionally, Bluntz believes that the Solana (SOL)-based meme token dogwifhat (WIF) is poised to outperform the broader meme sector.
“Huge six-month+ basing/inverse head and shoulder structure on the US dollar pair. Double daily divergences against doge and double 12-hour bull divergences against PEPE. If you are playing memes, you want to outperform DOGE, that should always be the goal.”
WIF is currently priced at $3.31. In conclusion, Bluntz’s analysis provides valuable insights for investors in the crypto market, highlighting potential opportunities for growth and success in various altcoins.
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Image Source: Midjourney