A crypto strategist who supercharged his following after nailing the Bitcoin (BTC) 2018 bottom believes one memecoin is gearing up to spark more rallies.
Pseudonymous analyst Bluntz tells his 277,200 followers on the social media platform X that he thinks the frog-themed, Ethereum (ETH)-based meme token Pepe (PEPE) is set to witness bullish continuation after pulling back in the last few days.
The trader shares a chart suggesting that PEPE will rally close to $0.000014 before ending its five-wave surge.
“Nice little PEPE dip this fine Sunday evening, I think it should be bottoming around here any minute now.
There are still many [legs up] to go in my opinion, and this is an absolute monster trend.”
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to see a five-wave rally before topping out. The theory also states that a bullish asset typically rallies after concluding an ABC correction.
Looking at the trader’s chart, he seems to suggest that PEPE has completed an ABC pullback amid a wave three surge.
At time of writing, PEPE is trading for $0.0000105.
Turning to fellow meme token dogwifhat (WIF), the trader shares a chart suggesting that the Solana (SOL)-based altcoin has taken out a diagonal resistance area that has kept the crypto asset bearish for months.
“GM (good morning) my hatted bros.”
At time of writing, WIF is worth $2.44, well above the diagonal resistance.
Another memecoin on the trader’s radar is Popcat (POPCAT). According to Bluntz, POPCAT looks poised to break out and rally to new all-time highs.
“Le POPCAT looking good again here, nice ABC down on 4-hour chart just underneath all-time highs, the next leg should break.
Starting to struggle to find room for all the bags I wanna have now, too many looking great.”
Based on the trader’s chart, he seems to suggest that POPCAT will surge to a fresh record high of $1.25.
At time of writing, POPCAT is worth $0.95.
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Generated Image: Midjourney