A popular crypto trader and Elliott Wave expert is anticipating bullish movements for several altcoins amidst a correction in the digital asset markets.
Known as Bluntz, the trader shares insights with his 304,000 followers on X, highlighting the breakout of the utility token for decentralized oracle service Pyth Network (PYTH) from a bull flag pattern.
According to Bluntz’s analysis, PYTH is currently undergoing a five-wave impulse that could potentially reach the $0.50 mark.
“The Solana ecosystem is showing promise again, with a strong bull flag breakout for PYTH. Looking very impulsive,” Bluntz commented.
Employing Elliott Wave theory, Bluntz indicates that PYTH might be on the brink of initiating its fifth-wave surge following the breakout from the bull flag pattern.
As of the current writing, PYTH is priced at $0.431.
Bluntz also expresses optimism towards memecoins, suggesting that the sector could be heading for a revival that may catch many by surprise.
He specifically mentions Bonk (BONK), a Solana-based meme token that could lead the resurgence. Bluntz believes that BONK has completed an ABC-wave correction and is poised for a rally according to Elliott Wave theory.
“BONK has retraced 46% from its highs in a clear three-wave move downwards. This dip presents a great buying opportunity in my opinion, with potential for fresh all-time highs,” Bluntz stated.
Based on Bluntz’s chart analysis, BONK is expected to surge close to $0.00007 before completing its five-wave upward movement.
At present, BONK is trading at $0.0000347.
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