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 seems to be poised for a wave-five surge.
The dealer depends on Elliott Wave principle, 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 appearing as corrective durations.
Says Bluntz,
“This seems to be just like the PENGU wave 4, in my view. If you happen to missed the final run up and have been patiently ready for the pullback, this can be a good one to bid. Good 33% dip after an enormous run-up is completely regular.”
Wanting 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 price $0.0357, up over 7% up 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 value goes down.
Merchants preserve an eye fixed out for cash displaying a bullish divergence, because it alerts {that a} reversal to the upside is on the horizon.
“Doubtless going to be a cracking four-hour bullish divergence on BONK, in all probability a great spot to bid right here.”
At time of writing, BONK is price $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 section after finishing a five-wave rally.
“That’s 5 up on USELESS from inception [up to] now. Can 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 little thing.”
At time of writing, USELESS is price 0.246.
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