dailyhodl.com
A crypto strategist holding a “Master Trader” rank on the crypto exchange Bybit says one Solana (SOL)-based memecoin looks poised to have a strong week despite the latest correction.
Pseudonymous analyst Bluntz tells his 278,100 followers on the social media platform X that Bonk ($BONK) looks to be in the midst of a five-wave surge.
Bluntz is a popular practitioner of the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally.
The trader shares a chart suggesting that $BONK will rally to as high as $0.000033.
“Swift post weekly dip here which is ideal, $BONK in prime position for a turbo green week, in my opinion.
Parabola soon.”
At time of writing, $BONK is trading for $0.000024, up from its 24-hour low of around $0.0000216.
The trader also shares a chart comparing the price performance of $BONK against fellow memecoin Pepe ($PEPE). According to Bluntz, $BONK looks primed to outperform $PEPE after printing a bullish higher-low setup.
“Looks like the leader torch is being passed from $PEPE over to $BONK.
Higher low being put in on the bonk/pepe chart.”
As for $PEPE, the trader thinks the latest dip sets up the memecoin for the next leg up.
“Still think this $PEPE dip is a wave 4 and an absolute gift for the sidelined bros.
Violently higher with haste.”
Based on the trader’s chart, he seems to predict that $PEPE will rally to $0.000013 before concluding a minor five-wave rally.
At time of writing, $PEPE is worth $0.00001.
Generated Image: Midjourney