A widely followed cryptocurrency analyst and trader is turning bullish on a decentralized wireless network project.
The analyst pseudonymously known as Bluntz tells his 258,700 followers on the social media platform X that key indicators suggest Helium (HNT) is about to have a massive breakout.
Bluntz uses the Elliott Wave theory in his analysis, which attempts to forecast price movements based on crowd psychology that is manifested in waves. The Elliott Wave theory suggests that price impulses happen in five waves after three-wave “ABC” corrections.
“Since original post we did a nice five wave rise from the lows and now a clear three wave ABC right into the 0.618 [Fibonacci retracement level] here with a strong reaction from it. This one is going to be a banger in my opinion, liking the structure a lot while $3.40 holds.”
Helium is trading for $4.63 at time of writing, up slightly in the past 24 hours.
Next up, the analyst thinks that Bitcoin (BTC) is on the verge of breaking out to new all-time highs (ATHs).
“BTC likely going to be a solid engulfing on the daily close [May 9th]. Looking like the next push up into ATHs has started in my opinion.”
Looking at his chart, he suggests that Bitcoin is on the verge of breaking out of a falling wedge pattern and could soar to $84,000.
Bitcoin is trading for $60,829 at time of writing, down nearly 2% in the last 24 hours.
Lastly, the analyst suggests that smart contract platform NEAR Protocol (NEAR) will soar to $11, a nearly 50% gain from the current value.
“NEAR still one of my favorite picks at the moment and one of strongest uptrends of top 20 coins since the April capitulation lows.”
Looking at his chart, the analyst suggests NEAR is printing a bullish pattern of higher low prices.
NEAR is trading for $7.34 at time of writing, up 1.6% in the last 24 hours.
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