A widely followed analyst and trader is expressing bullish sentiment on an altcoin built on Solana (SOL) that has surged by over 100x in a couple of months.
The analyst pseudonymously known as Bluntz tells his 249,900 followers on the social media platform X that the low cap memecoin Myro (MYRO) is offering an opportunity to the upside on the eight-hour chart after enduring a double-digit correction.
Based on a chart posted by the analyst, it appears that Bluntz, who regularly applies the Elliott Wave theory in his technical analysis, is suggesting that MYRO is on the final leg of a five-wave pattern and could surge by around 163% from the current price and reach a new all-time high of about $0.55.
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.
“There’s a nice MYRO catch-up play here for all those who missed dogwifhat. Dogwifhat will still outperform though.”
MYRO is trading at $0.209 at time of writing, up by 10,389 from the all-time low of $0.001995 reached on November 12th of 2023.
Next up is dogwifhat (WIF). Based on a chart by the pseudonymous analyst, Bluntz appears to suggest that WIF could complete the fifth wave on the daily chart and hit a price of just below $5, which would be a new all-time high.
WIF is trading at $2.21 at time of writing.
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