A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a low-cap memecoin built on the Solana (SOL) blockchain.
The analyst pseudonymously known as Bluntz tells his 265,500 followers on the social media platform X that PONKE (PONKE) is exhibiting a bullish structure after breaking out of an ascending channel and then turning the upper boundary of the ascending channel into a support level.
PONKE is trading at $0.681 at time of writing, up by around 7,238% from the January 3rd low of $0.00928.
Turning to Bitcoin (BTC), the widely followed trader who regularly applies Elliott Wave theory in his technical analysis says that BTC has completed a three-wave move to the downside on the one-hour chart and now appears primed to go up. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Based on Bluntz’s chart, it appears that the pseudonymous analyst is suggesting that the three-wave downward move occurred within a major five-wave pattern to the upside. It also seems that the analyst is suggesting that Bitcoin could complete the five-wave pattern at just under the $70,000 price level.
Bluntz also says that a potential weakening of the US dollar over the coming months will impact crypto positively.
“US Dollar Index (DXY) has been getting torched all week but still high time frame range-bound over a year now. I think we’re en route to 102 or so from here over the next few months.
Great for crypto and risk on in my opinion.”
The US Dollar Index is currently at 104.33 points.
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