The crypto strategist who nailed the Bitcoin (BTC) local top in January believes that the memecoin Pudgy Penguins (PENGU) is gearing up for another upside burst.
The pseudonymous analyst Bluntz tells his 326,600 followers on the social media platform X that PENGU looks poised for a wave-five surge.
The trader relies on Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally, with waves one, three and five serving as upside moves and waves two and four acting as corrective periods.
Says Bluntz,
“This looks like the PENGU wave four, in my opinion. If you missed the last run up and have been patiently waiting for the pullback, this is a good one to bid. Nice 33% dip after a big run-up is perfectly normal.”
Looking at the trader’s chart, he seems to predict that PENGU will soar above $0.05 before ending its five-wave rally. At time of writing, PENGU is worth $0.0357, up over 7% in the past day.
Another meme token on the trader’s radar is Bonk (BONK). Bluntz says the altcoin is flashing a bullish divergence on the four-hour chart, indicating that buying momentum is on the up and up for the altcoin even though its price is going down.
Traders keep an eye out for coins showing a bullish divergence, as it signals that a reversal to the upside is on the horizon.
“Likely going to be a cracking four-hour bullish divergence on BONK, probably a good spot to bid here.”
At time of writing, BONK is worth $0.000026, up nearly 5% on the day.
The last memecoin on the trader’s radar is Useless Coin (USELESS), which the trader says will likely enter a corrective phase after completing a five-wave rally.
“That’s five up on USELESS from inception [up to] now. Will be bidding this again in the future after the correction to the inevitable billions in market cap, but as in all things, timing is everything.”
At time of writing, USELESS is worth 0.246.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
Credit: Source link
