The crypto strategist who nailed the Bitcoin (BTC) native prime 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 appears 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 appears just like the PENGU wave 4, in my view. In case you missed the final run up and have been patiently ready for the pullback, it is a good one to bid. Good 33% dip after an enormous run-up is completely regular.”
Trying 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 value $0.0357, up over 7% prior 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 though its worth goes down.
Merchants maintain a watch out for cash displaying a bullish divergence, because it indicators {that a} reversal to the upside is on the horizon.
“Possible 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 value $0.000026, up almost 5% on the day.
The final memecoin on the dealer’s radar is Ineffective Coin (USELESS), which the dealer says will seemingly enter a corrective part after finishing a five-wave rally.
“That’s 5 up on USELESS from inception [up to] now. Will likely 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 every part.”
At time of writing, USELESS is value 0.246.
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